Source: dailyhodl.com
SkyBridge Capital CEO Anthony Scaramucci is predicting that Bitcoin (BTC) and Ethereum (ETH) are on the cusp of rallies now that a Federal Reserve pivot seems likely.
In a new interview on Bloomberg Television, Scaramucci says that he believes the Fed is done increasing rate hikes, which he says will take the pressure off of risk assets.
He also predicts that the Fed will start cutting rates early next year.
“I do think the Fed is done hiking. I think that the inflation data was very positive and it’s likely to go lower over the next quarter… and I think it’s very, very good for stock prices, very good for assets.
But of course, what do people want for Christmas in America? They want a low-interest-rate mortgage. And if you look at housing data in the United States right now, those markets are quite sluggish. I think the Fed is going to respond to that. You’ll probably see cuts in interest rates before the end of the first quarter. And so that’s very positive for asset prices across the board.”
Scaramucci says he is bullish on Bitcoin, Ethereum and other digital assets, and thinks they will “trend higher” in the near future.
One catalyst for a crypto uptrend, he says, is the likely approval by the U.S. Securities and Exchange Commission (SEC) of a spot Bitcoin exchange-traded fund (ETF).
“If [approval] happens, I think there’s an induction of a tremendous amount of demand for Bitcoin. And of course, you have a halving in Bitcoin, which basically means that the supply is going to get cut in half in April. So a halving, lower supply, more demand, we think prices are going to trend higher for Bitcoin, Ethereum and a few other currencies.
And for those reasons, we’re going to stay long in the portfolio. It’s a concentrated bet for us, but we like it. It’s a macro overlay. You guys will remember the beginning part of the year with the Silicon Valley Bank crisis, Bitcoin was quite resilient.”
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