Skybridge CEO sees end of crypto bear market with approaching halving cycle
Former White House Communications Director and CEO of Skybridge Capital, Anthony Scaramucci, has made a bullish prediction about the state of the cryptocurrency market. In an interview with Yahoo Finance on April 6th, Scaramucci said that the crypto market has passed the bearish zone and is set to experience growth.
Scaramucci’s prediction is based on the performance of Bitcoin, which has recorded a 70% increase this year, outperforming stocks and other assets. Despite poor market conditions and regulatory challenges, Bitcoin started the year at $16,520 and is currently trading at $28,060.
Scaramucci expressed confidence in the cryptocurrency market, stating that the company’s analytics data confirms a lot of suppressed demand. He is also optimistic about the upcoming halving, scheduled for April 2024, which he believes will be a bullish material.
The halving is a process whereby the block reward is halved every 4 years when 210,000 blocks are created. Bitcoin’s block reward amount has gone through 3 halvings, and it currently rewards 6.26 BTC. In the next halving, the reward will be reduced to 3.125 BTC.
According to Tapchibitcoin.io chart, the current block height is 784,304, and the halving progress block height is 840,000. The expected halving period is April 28 next year, with about 386 days left.
Scaramucci explained that bitcoin has a 4-year price cycle, and that “at any point, if you buy bitcoin and hold it for 4 years, it will outperform all other assets.” He also acknowledged that if a major cryptocurrency exchange like Binance were to encounter a problem, the market could be shocked in the short term, but added that the cryptocurrency ecosystem is very resilient.
Scaramucci’s bullish prediction comes at a time when the cryptocurrency market is experiencing increased mainstream adoption. The recent decision by PayPal to allow its users to buy, hold and sell cryptocurrencies has been seen as a significant step toward wider acceptance of digital currencies.
In conclusion, Scaramucci’s prediction is an indication of the growing confidence in the cryptocurrency market, despite the challenges it has faced. The upcoming halving and increasing mainstream adoption could potentially drive the market toward further growth.
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