{"id":24983,"date":"2022-08-05T03:22:58","date_gmt":"2022-08-05T03:22:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=24983"},"modified":"2022-08-05T03:22:58","modified_gmt":"2022-08-05T03:22:58","slug":"skybridge-estimates-bitcoins-fair-market-value-at-40k-and-ethereums-at-2800-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=24983","title":{"rendered":"Skybridge Estimates Bitcoin’s Fair Market Value at $40K and Ethereum’s at $2,800 \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"


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\n\"Skybridge\n<\/div>\n

Skybridge Capital\u2019s founder says bitcoin\u2019s fair market value is about $40,000 based on adoption, wallet size, use cases, and growth of wallets. The asset management firm also estimated ethereum\u2019s fair market value at around $2,800.
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Skybridge Capital on the Fair Values of Bitcoin and Ethereum<\/h2>\n

Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm\u2019s predictions on the fair market values of bitcoin (BTC<\/a>) and ether (ETH<\/a>) in an interview with Marketwatch, published Tuesday.<\/p>\n

He believes that the worst of the crypto bear market has passed and bitcoin has already bottomed. His comments followed bankruptcy filings by a number of crypto firms, including Celsius Network<\/a> and Voyager Digital<\/a>.<\/p>\n

\u201cWe believe that the leverage has been blown out of the system,\u201d Scaramucci said. While recognizing that BTC<\/a> could still slide, he emphasized: \u201cI don\u2019t think it\u2019s going below the low that was reached for this cycle, which would be at around $17,500.\u201d<\/p>\n

The Skybridge Capital founder further shared:<\/p>\n

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According to our fair market value metrics based on adoption, wallet size, use cases, growth of wallets, we think the fair market value for bitcoin right now is about $40,000.<\/p>\n<\/blockquote>\n

He added that ether\u2019s fair market value stands at around $2,800.<\/p>\n

At the time of writing, bitcoin is trading at $23,167.48, up 14% in the past 30 days. Ether is trading at $1,650.88, up 43% in the last 30 days.<\/p>\n

Scaramucci does not expect the price of bitcoin to go straight up due to macroeconomic uncertainties. \u201cAgain, these are volatile assets. I guess what\u2019s at issue here is people need to take a four to five years view of these assets,\u201d he cautioned.<\/p>\n

The executive noted:<\/p>\n

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We on the margin are net buyers, as incremental cash comes into our funds we\u2019re net buyers of those two assets, because we think that they\u2019re fundamentally undervalued and technically oversold.<\/p>\n<\/blockquote>\n

Last month, Skybridge Capital suspended redemptions<\/a> in its Legion Strategies fund after sharp declines in stocks and cryptocurrencies. About 20% of the fund was in private investments and about 18% was in crypto-related investments, including BTC<\/a> and private investments in digital asset firms such as crypto exchange FTX, he detailed.<\/p>\n

Scaramucci confirmed that withdrawals are still halted, adding that the move was necessary to keep the fund\u2019s composition intact after investment bank Morgan Stanley put a sell recommendation on the fund.<\/p>\n

\u201cI can\u2019t have the private investments go too high,\u201d the Skybridge founder stressed. \u201cI can\u2019t let everybody out right at this second until I can have appropriate fairness and balance in the fund.\u201d He revealed that the fund is currently selling some of its private investments, noting: \u201cOnce we get liquid on those investments, we will then let whoever wants to get out.\u201d<\/p>\n

Scaramucci has long been saying that he expects<\/a> the price of bitcoin to reach $100K this year and $500K long-term. \u201cIf you\u2019re willing to zoom out and look at the long-term chart and look at the adoption story, could bitcoin get to half a million dollars a coin? I believe it will,\u201d he said in March. In June, he advised<\/a> investors to \u201cbuy quality and be unlevered, and stay disciplined.\u201d He noted that a lot of coins will get wiped out.<\/p>\n

Commenting on the U.S. economy, the Skybridge executive said, \u201cI think the second half of the year is going to surprise people because there\u2019s already a slowdown in consumption.\u201d He opined:<\/p>\n

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There will likely be a shallow, but not a deep recession because people have a tremendous amount of savings. And there are more jobs available than people looking for them.<\/p>\n<\/blockquote>\n

What do you think about the predictions by Skybridge Capital? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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