Main navigation

Anthony Scaramucci Believes Cardano and Ethereum Will Keep Rising, Here's Why

News
Wed, 09/08/2021 - 13:29
article image
Yuri Molchan
Head of the SkyBridge Capital hedge fund offers a reason why Ethereum and ADA are likely to keep rising in the future, along with Bitcoin
Anthony Scaramucci Believes Cardano and Ethereum Will Keep Rising, Here's Why
Cover image via www.youtube.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News
Contents

SkyBridge Capital chief executive Anthony Scaramucci still believes that Bitcoin may reach $100,000 by the end of the year. Besides, he reckons that such coins as Cardano's ADA and Ethereum will continue to rise.

Scaramucci on Bitcoin's sharp drop, still believes in $100,000

Scaramucci took part in a recent Squawk Box episode and told the host, Andrew Ross Sorkin, about his take on Bitcoin's massive recent fall, when it dumped by around $5,500 within just two hours.

The head of the asset managing fund believes that Bitcoin was likely going up quickly on the news of El Salvador announcing it as legal tender and buying 400 BTC. Still, he said, there was a lot of leverage on the market at that time and, in the past 48 hours, it all blew out. Therefore, the flagship crypto fell sharply.

However, Scaramucci is certain that the demand for Bitcoin and its fundamentals keeps getting better. In particular, he mentioned that a lot of positive news emerges on BTC nearly every day: new wallets, higher activity on the network, high chances of Bitcoin futures ETF approval by the SEC, etc.

Despite the price drop to the $29,000 area, he still believes that Bitcoin may reach $100,000 by year's end.

Related
Crypto Mentioned by European Watchdogs Amidst Top Risks: Report Released

Positive expectations for Ether and ADA

Scaramucci also mentioned that, at the moment, a lot of great things are happening in the crypto space. In particular, more and more dapps are being launched. Thus, he added, things like Algo, Cardano and Ethereum are going to keep rising since there are a lot of use cases for them now and in the long term.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.