‘We’re in a bloodbath. Uh, this is my eighth bear market. I expect to survive this one as well, but I think it’s just a caution to people to stay unlevered but keep to their long-term investment discipline. Everybody has a long-term perspective until they have short-term losses. And then they start to set their hair on fire and run around in a circle. I would recommend people just stay disciplined, and like Joe, don’t look at your 401k statement’. – Anthony Scaramucci.
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At the time of writing, Bitcoin is trading in the $21500 range, while Ethereum is trading around $1100. There’s bloodshed in the street. Out of the top 100 coins on coingecko.com, only five have shown green in the past seven days, with most of those being stable coins. Many pundits and analysts have been saying that the crypto market is eerily similar to the dot-com crash, where most of the companies went to zero and a few companies shone through during the Web1 wave.
In a quick interview with CNBC, Anthony Scaramucci, the founder of Sky Bridge Capital, a 3.5 billion asset management firm, gave advice to crypto investors on how to survive a bear market and a crypto bloodbath. He also shared his thoughts on where this market is going and that he’s still optimistic about it despite the blood in the streets:
‘I think both are in question right now because, as you and I both know, interest rates going up one to two percent rise in interest rates easily takes 10 to 15 percent out of the market. Everything’s being impacted, but watching you guys this morning makes me think of March of 2000. Unfortunately, I’m old enough to remember when internet stacks were cratering and many of the Web1 stories went to zero. Of course, there were a few gems like Amazon that went on to do very well, and I am encouraged by the fact that bitcoin is above 50% of the overall crypto market cap right now, which is again another sign that there’s a flight to quality there. Of course, Celsius is putting pressure on it in the same way that the Luna Terra situation put pressure on it about six weeks ago. So, with the incremental cash that comes into our funds, we have bought more bitcoin and ethereum. We have a private stake in FTX. FTX is doing very well. It’s gaining market share and is a profitable company. Um, so yes. The truth be told, people will look back on this debacle and say “I wish I had fresh cash to buy into that.” Could it lay down some more? Certainly. We all know that whatever you think cannot happen on Wall Street likely does happen, and so we’re ready for every scenario.
Well, it would be impossible for me to predict the low, but if you were at consensus last week in Austin, and you saw all of the robust development that’s going on in Web 3 and you saw the money that’s being deployed. Uh, I think that the upside is enormous. I still believe that bitcoin can easily get to a hundred thousand, uh, dollars a coin over the next 12 to 24 months, but you’re going to have to settle out where the markets are. Listen, we could get better inflation data by the end of the year as the pandemic subsides and as the supply chain starts to get more connected. There’s lots of bad news out there for everybody I know. I was at the Yankee game yesterday, and everybody was resoundingly bearish. Uh, that’s usually a good sign. You and I were in Davos, Switzerland a few short weeks ago, and everybody was resoundingly bearish. The last time people were that bearish was in 2009, when I was in Davos.
So there are a lot of contrary indicators out there. I can’t predict the future, but what I can see is that there’s a tremendous amount of robust development and adoption. Do you remember these investment banks in 2018? They shelved their cryptocurrency ideas. Today they’re doing derivative trades in things like ethereum. I don’t think there’s any going back. There’s lots of good information out there, lots of positives as a relationship, just the price action is terrible right now.’
What do you think of Scaramucci’s thoughts here? Do you think Bitcoin can hit 100,000 within the next 12 months or are we looking at years of recovery?
Another crypto institution is under fire again, according to market news, leaving a black eye on the crypto market at large. First it was Terra Luna, and now it’s Celsius. The crypto lender halted withdrawals and tweeted out:
In a blog post, Celsius went into more detail about its decision and the next steps:
These measures caused many to speculate that Celsius’s actions had nothing to do with creating a better future, but in reality, Celsius can’t meet its withdrawal demands. In fact, it is facing insolvency.
The former CEO of The Block crypto news publication, Mike Dudas, tweeted about the demise of Celsius the day before the firm stopped withdrawals:
The CEO of Celsius, Alex Mashinsky, defended his company against Dudas’ tweets and responded:
[This article is a transcription of a video made by Only The SAVVY]
Original video: https://youtu.be/Kpk2E7rOk3U ]
