Skybridge Capital’s founder says bitcoin’s 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’s fair market value at around $2,800.
Skybridge Capital on the Fair Values of Bitcoin and Ethereum
Anthony Scaramucci, founder and managing partner at global asset management firm Skybridge Capital, shared his firm’s predictions on the fair market values of bitcoin (BTC) and ether (ETH) in an interview with Marketwatch, published Tuesday.
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 and Voyager Digital.
“We believe that the leverage has been blown out of the system,” Scaramucci said. While recognizing that BTC could still slide, he emphasized: “I don’t think it’s going below the low that was reached for this cycle, which would be at around $17,500.”
The Skybridge Capital founder further shared:
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.
He added that ether’s fair market value stands at around $2,800.
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.
Scaramucci does not expect the price of bitcoin to go straight up due to macroeconomic uncertainties. “Again, these are volatile assets. I guess what’s at issue here is people need to take a four to five years view of these assets,” he cautioned.
The executive noted:
We on the margin are net buyers, as incremental cash comes into our funds we’re net buyers of those two assets, because we think that they’re fundamentally undervalued and technically oversold.
Last month, Skybridge Capital suspended redemptions in its…
