The CEO of global investment firm Skybridge Capital is predicting that the crypto markets will see more institutional interest in the next 12 to 18 months.
In a new episode of The Best Business Show, Anthony Scaramucci tells host and Bitcoin bull Anthony Pompliano that more institutional investors will likely jump into the crypto bandwagon as regulators move to clear the hurdles involved in buying and holding digital assets.
“I’ll make a bold prediction, Anthony. I think there’s going to be institutional interests over the next 12 to 18 months because you now have gotten the regulatory box checked and that checking of that box is going to lead to institutions saying, ‘Hey I got to get in this thing. I’ve got to own a piece of this. I’ve got to understand it,’ and what would George Soros say? He would say ‘Invest and investigate later.’”
Scaramucci considers the possibility that BTC, which is currently worth $61,354.19, may trade back to $50,000, but he says that the top crypto will likely breach the six-digit mark after the U.S. Securities and Exchange Commission greenlighted the first batch of Bitcoin futures exchange-traded funds (ETF).
“It’s likely to get to $150,000 over the next 12 months. I’m going to stick with my earlier price target that I shared with you on our SALT talk when you did my podcast. I think it’s a hundred thousand by year-end. I just think it’s that because there’s now a gateway opened… A gateway opened yesterday where an institution can now say ‘I can buy this.’
…Some of my friends said, ‘Well I’m not getting vaccinated until the FDA approves the vaccine.’ So that sort of metaphorically happened for Bitcoin. You got an approval from the SEC. Bitcoin lives in the financial regulatory ecosystem, and it’s not going anywhere and now, that portal has opened for a sophisticated early-adopting institution to say ‘It’s okay for me to step in the water here. I’m not going to get fired if I own this thing.”
Elon Musk’s Brother Claims Web3 Could Unlock $100 Billion Per Year for This Segment
Restauranteur, chef and entrepreneur Kimbal Musk indicates yet another unusual use case for decentralized industry.
Innovator and visionary, baord member of Tesla Inc. and SpaceX, Kimbal Musk is certain that Web3’s ethos and practices can be of great use in philanthropy.
“$100,000,000,000 per year just in America”
Kimbal Musk has taken to Twitter to share that the implementation of Web3 in philanthropy could unlock twelve-digit funds for the philanthropy segment.
Using Web3 to decentralize philanthropy has the potential to unlock $100 Billion per year, just in America, spent on bureaucracy 🤠— Kimbal Musk (@kimbal) November 26, 2021
This jaw-dropping sum can be added to the volume of money in this sphere just in the United States, let alone in other countries. Bringing decentralized instruments to charity can significantly advance its resource-efficiency.
Namely, Web3 tools are going to eliminate the unnecessary elements of bureaucracy from this trending sphere.
Mr. Musk’s Twitter audience agreed with his statement, while some commentators added that Web3 instruments could eliminate corruption—not only bureaucracy—from philanthropy.
Crypto and charity: long road ahead
In 2021, numerous charity initiatives somehow utilize Web3 instruments. Typically, major charity foundations add mainstream cryptocurrencies as payment tools.
As covered by U.Today previously, DeFi project Munch created a purpose-made platform for The Giving Block charity conglomerate that features 200 non-profits.
Also, many NFT products are conducting charity giveaways. Namely, Binance and Tron-backed APENFT co-hosted the Charity Mystery Box event to support environmental charities One Tree Planted and Koala Clancy Foundation.
Anthony Scaramucci: Cryptocurrency Markets Had Their Black Friday On November 26
Anthony Scaramucci believes that the fundamentals behind the cryptocurrency industry are enough to be bullish during panic episodes.
Today was an ugly day for the cryptocurrency world. In fact, it was a bad day for the financial markets in general. The U.S. stock indexes fell 2% on average, the FTSE lost 3.64%, the DAX was down 4.15%, oil futures tumbled more than 10%, and cryptocurrencies lost more than $200 billion in capitalization.
All because of fears of a new strain of COVID-19 that had speculators and analysts brainstorming scenarios of a possible new lockdown. Recently, scientists discovered the B.1.1.529 variant of the coronavirus. It has a high number of mutations that could make it immune to the antidotes developed to date.
Anthony Scaramucci is Bullish on Bearish Times
However, while some are rushing to sell their assets in fear, others take advantage of the situation to fill their pockets. Anthony Scaramuci, Trump’s former Comms director during his tenure in the White House, is one of them.
In a recent interview for CNBC, the Founder of SkyBridge Capital explained that this panic episode (the biggest since the 2020 crash) is nothing but a Black Friday and that people should take advantage of it to inject money into strategic investments as government monetary policies do not give much reason to be optimistic.
“If the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.”
Discussing the cryptocurrency market, Scaramucci called for calm. He explained that the fears that led to the fall do not affect the fundamentals and that while there is a market overreaction, in the big picture, cryptocurrencies have enough reason to emerge stronger from this economic episode.
“If you believe in the long-term fundamentals as we do, this is the time to be buying. I just think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter.”
Cryptocurrencies Are Doing Just Fine All Things Considered
Scaramucci is not the only bullish person in this sea of tears. Ricardo Salinas Pliego – the third richest man in Mexico – recommended his Twitter followers to buy Bitcoin as a hedge against the consequences of irresponsible U.S. policies.
Good old USA is looking more and more like any other irresponsible third world country….wow…look at the scale of fake money creation.
Buy #Bitcoin right now. https://t.co/xzv0xk2TQq pic.twitter.com/JMslqlagLE
— Ricardo Salinas Pliego (@RicardoBSalinas) November 24, 2021
Salinas Pliego defends the thesis that Bitcoin is the equivalent of digital gold and acts as a store of value. Scaramucci, for his part, does not share this view.
“I don’t think it’s a hedge against inflation at this moment in time. I think (it could be in the) long term, if you got to a billion wallets, and Bitcoin is in a stable trading zone … This is sort of Amazon in the year 2000, so this comes with some volatility.”
Volatile or not, Scaramucci still believes that cryptocurrency markets have reacted in a healthy way to what could be bloodshed —considering previous crises.
Economic analyst Alex Krueger agrees with this position, highlighting that cryptocurrency traders fared better than traditional investors on this Black Friday.
Crypto tanked due to extreme risk off sentiment triggered by the new covid variant. It would have crashed in the same way had prices been much lower. Not a matter of euphoria. Crypto assets performed well relative to other asset classes such the crude oil complex and small caps.
Central Bank of Brazil selects 7 projects for sandbox and includes JP Morgan currency exchange solution
The Central Bank of Brazil announced on Thursday (25) which projects were selected for the first cycle of Sandbox BC, a program of the entity that aims to encourage innovation. In this first phase, the BC team focused on projects dealing with solutions for the foreign exchange market, such as JP Morgan, which is focused on immediate transactions between currencies.
According to the organization, in this phase, seven projects were selected, among the 52 enrolled, and that will now be able to count on BC’s help to get off the ground. Approved projects will receive specific authorization from the regulatory agency and will have their development monitored by the Strategic Management Committee of Sandbox BC (Cesb).
For César Frade, who coordinates the Committee’s advisory, if the response to these solutions is positive, the organization must create ways to embrace them.
“The purpose is to evaluate new experiences, innovative business models. The BC will analyze whether these proposals that were presented to us make sense, can be put into effect”, said Frade in the statement.
Payment solution using Itaucard’s PIX and Mercadopago’s service network are also on the list of the Sandbox BC program. See below in alphabetical order which companies had their projects selected and a brief description of each one
Platform for issuance and secondary trading of private fixed income securities.
Loan with property guarantee, with payment on maturity and without periodic amortizations, in conjunction with the taking out of specific insurance to reduce relevant risks.
Development of a secondary market for Bank Credit Bills — CCBs.
Carrying out payment transactions with credit granting, revolving or in installments, using PIX functionalities.
Platform capable of moving amounts between two or more accounts, by transferring amounts to ‘temporary or settlement’ accounts, on demand, to carry out an operation under previously signed conditions.
Technological solution for the execution of multi-currency payment instructions, for exclusive use between institutions authorized by the BC to operate in the foreign exchange market for the purpose of immediate exchange of reserves.
Implementation of a network of physical points that offers the service of contribution of resources in kind.