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Bitcoin fundamentals are “quite good” in the long term due to factors which will “create a demand shock” for the cryptocurrency, Skybridge Capital’s Anthony Scaramucci said Monday.
“Everybody is a long-term investor until they have short term losses,” Scaramucci told CNBC on “Capital Connection.”
Investors may be seeing some losses on bitcoin “but I think long term, the fundamentals are quite good,” he added.
Bitcoin is still more than 60% below its all-time high of almost $69,000 in November.
In June, bitcoin plunged to $17,958, its lowest level since December 2020, according to Coin Metrics data. Bitcoin was last trading at $24,047.28 , down 2.4% in the last 24 hours at 4:57am ET on Monday, CoinDesk data showed.
Scaramucci said he’s optimistic that “two major things have happened on the institutional side” that will likely generate demand for bitcoin.
“Fidelity is allowing for their 401k products to offer bitcoin,” he stated as the first reason, referring to financial...
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