Scaramucci says market’s ‘overshot to the downside’ after FTX collapse is causing BTC to trade at huge discount

SkyBridge founder Anthony Scaramucci said in an interview with Bloomberg Television that the actual intrinsic value of Bitcoin is around $40,000 and that the flagship cryptocurrency is currently trading at a discount of nearly 50%.

He commented in response to a question about whether SkyBridge still believes in cryptocurrencies after the FTX demise or is looking to pivot to new investment vehicles.

Scaramucci added that the last four months were the best for Skybridge since 2013.

SkyBridge founders said they would continue to use Bitcoin, and SkyBridge has not changed any of its portfolio and is already profitable despite FTX’s scandalous bankruptcy.

Mr Scaramucci said:

“A lot happened last year. It was kind of like, and that story told me everything: there was fraud, there was over-leverage, there was over-confidence.”

He said the FTX debacle caused a “really big recession in the market”, which likely resulted in a “downside overshot” for the cryptocurrency market. If market sentiment turns green again, the value of most cryptocurrencies will be corrected to appropriate levels.

Catalyst for price explosion

Scaramucci said that current Bitcoin adoption is reminiscent of “what the Internet was about in 1998.”

He said that Bitcoin’s current global absorption rate is just 4% with around 340 million wallets, and the value of the flagship cryptocurrency will rise as more people start to engage with it. said he would continue.

Mr Scaramucci said:

“By just reaching 4% to 8%, we will see explosive gains for Bitcoin.”

He added that the current economic downturn is temporary and that we should be patient and wait until adoption gains more momentum as the industry emerges from the crypto winter.

FTX Stocks

Scaramucci said SkyBridge and its current stockholders intend to buy back the company’s current FTX shares, adding that the company’s current operations will not be affected if that happens.

However, he said he was confident that SkyBridge would be able to buy back the shares if possible because SkyBridge holds anti-transfer rights and there is no economic or preferential tie to the ownership of the shares.

Scaramucci said SkyBridge is waiting to start talks with bankruptcy trustees for a share buyback, but there is no final ETA at this time. he added:

“Bankrupts like to take their time, and they seem to have a little incentive to take their time.”

He did not comment further on the comments.

Scaramucci’s post first appeared on CryptoSlate, claiming that the market’s “overshoot to the downside” after the FTX collapse has led to BTC trading at deep discounts.