BTC’s Value Is 50% Undervalued, Scaramucci Predicts Explosive Returns

SkyBridge Capital CEO Anthony Scaramucci thinks Bitcoin (BTC) is undervalued.

In a Bloomberg interview, Scaramucci claims the crypto market has “overshot to the downside” after the FTX catastrophe last year.

The SkyBridge Capital CEO thinks Bitcoin should be worth $40,000, 46% less than it is.

“A lot of things happened last year. You’re mentioning the Sam Bankman-Fried thing. It was almost like if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried.

You got everything in that story. You got fraud, you got over-leverage, you’ve got excess confidence. And it caused a really big depression in the markets.

And the market is probably overshot to the downside. And so we think intrinsically Bitcoin’s worth about $40,000.”

Bitcoin is trading at $27,372, up 6% from its May low of $25,811.

Scaramucci predicts “explosive returns” for Bitcoin if adoption doubles.

“What we do see is better minor activity, we see wallet expansion… you have 4% global absorption for Bitcoin, about 340 million wallets. That’s roughly where the internet was in 1998.

We just have to get from 4% to 8% and you’ll see explosive returns in Bitcoin. So I want people to be patient.”