The post Bitcoin remains volatile despite $103k milestone: Scaramucci appeared on BitcoinEthereumNews.com.

SkyBridge Capital founder Anthony Scaramucci has shared a measured perspective on Bitcoin’s volatility amid recent price surges. Speaking to Yahoo Finance, Scaramucci stressed the importance of long-term investment horizons and institutional adoption of Bitcoin (BTC). He detailed both the risks and opportunities in the current crypto market environment. “Bitcoin is the type of asset, I always tell people, if you’re going to buy Bitcoin, you got to hold it for a four-year period of time,” Scaramucci stated. Scaramucci points out recent Bitcoin pullback During the conversation, Scaramucci pointed to the pullback from Bitcoin’s recent peak of about $103,900. Drawing from historical experience, he reminded viewers of Bitcoin’s most severe drawdown of 82%. He also recalled the challenging period in December 2022 when prices bottomed around $16,000-$17,000.   He also noted that any rolling four-year period has historically yielded positive returns despite volatility. Scaramucci views the recent price milestones as indicators of Bitcoin’s maturation toward mainstream institutional investment. He expressed that this development should have occurred earlier but was delayed by regulatory hurdles under the U.S. Securities and Exchange Commission’s chairman, Gary Gensler. The recent approval of cash ETFs and growing Wall Street adoption now provide what Scaramucci sees as a fundamental floor of support for Bitcoin prices. He draws a parallel between Bitcoin and gold, suggesting the potential for a tenfold increase if Bitcoin achieves gold’s market capitalization. While discussing his new book, “The Little Book of Bitcoin,” Scaramucci revealed an interesting disagreement with MicroStrategy’s Michael Saylor regarding appropriate portfolio allocation. Scaramucci’s recommendation of a 2% allocation was criticized by Saylor as too conservative. Looking forward, Scaramucci maintains that while significant price corrections remain possible, the institutional framework now supporting Bitcoin creates a more stable investment environment than in previous cycles.  Source: https://crypto.news/bitcoin-volatile-despite-103k-milestone-scaramucci/

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Filed under: News - @ December 7, 2024 7:21 pm