Anthony Scaramucci of SkyBridge Capital has been very vocal recently at the World Economic Forum’s meeting in Davos about his faith in the cryptocurrency industry, and the appreciating value of major crypto assets moving forward in 2023 and 2024.
Predicts that the Fed will declare victory at 4-5% inflation
Pressure has been mounting on Jerome Powell to pivot on his current policy of raising interest rates indefinitely thanks to the fact that pressure is mounting to recover the value in the stock market, and inflation fears now seem have dwindled significantly.
Jerome Powell appears to have succeeded in many regards when it comes to tackling inflation, which many analysts now believe may have peaked.
The Federal Reserve, alongside other central banks worldwide, have also reiterated that they believe that a new inflation target of 4% may be more appropriate moving forward rather than the traditional 2%.
Scaramucci predicts that the Federal Reserve will declare victory in the war against inflation when the CPI falls down to 4-5%, and from this point will feel emboldened to once more halt rate rises, or even to reduce interest rates.
The bearishness on crypto at Davos is indicative of a bottom
Every year, the World Economic Forum descends upon Davos to discuss some of the most important issues of the times, and what the relevant leaders believe that they can do to ameliorate many of the crises that the world faces today.
“Experts” in economics, the world of finance, politics, etc., all convene to share their views on the state of the world and current events.
I agree with @Scaramucci that “rampant pessimism” on Bitcoin and crypto from global elites who attended Davos is a fundamentally bullish signal.
— Mike Alfred (@mikealfred) January 25, 2023
According to Scaramucci, the sentiment at Davos with regard to cryptocurrencies is currently highly bearish, with the majority of industry leaders taking a largely pessimistic view of the space.
This, he believes, is a hugely bullish phenomenon, and may represent an extremely clear signal that the markets are close to a bottom, and that the Bitcoin markets will recover soon.
SkyBridge Capital currently oversees the management of $800m worth of crypto assets, and has a significant Bitcoin allocation. Scaramucci has explained that he believes the price of Bitcoin could well eclipse $30k by the end of 2023, and that if it does this then SkyBridge will have an incredible year.
As the old motto goes: sell when others are greedy and buy when they are fearful.
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