Scaramucci: Bitcoin Is The Apex Predator, But Ethereum Will Be The Actual Store Of Value

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Anthony Scaramucci, known Bitcoin proponent heading global investment firm SkyBridge Capital, believes that the future of the digital asset in investment portfolios is inevitable.

What Happened: In a recent interview with CNBC, Scaramucci called it “the apex predator in the space. I tell my clients whether you like it or not, the world is moving into digitization.”

SkyBridge Capital’s Bitcoin Fund LP holds over $600 million worth of Bitcoin at present, and two weeks ago, the firm applied for the SEC approval of a Bitcoin ETF.

However, by Scaramucci’s own admission, SkyBridge’s focus on Bitcoin may have more to do with its clients’ preferences rather than his own.

“I predicted Ethereum has good fundamentals and will grow, but I’m in an institutionalist sort of business. I think like an institutionalist, and I’ve got to get my clients thinking about cryptocurrency and digital assets. So, as a first step, I’m focused on Bitcoin and we only have now a Bitcoin fund,” he said.

Why It Matters: In recent months, Ethereum has risen in popularity, and price, after its use cases extended beyond DeFi (decentralized finance) into the realm of NFTs (non-fungible tokens).

The second-largest cryptocurrency by market cap has garnered support from high-profile investors, including Mark Cuban, who recently revealed his bullish stance on Ethereum, calling it a “hotbed of continuous innovation”.

Scaramucci appeared to share this belief too, as he went on to state, “The technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with.”

What Else: While he wouldn’t recommend a 20% portfolio allocation towards cryptocurrency just yet, Scaramucci thinks that an allocation between one and three percent would be ideal for investors.

“When you think about our children… they’re going to be very comfortable transacting in Ethereum or Bitcoin, and I’ve got to get my clients ready for that,” he said.

“If they have a 1, 2, or 3% position they’re going to look at us as fiduciaries and think they were very well served.”

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Here’s why there’s a ‘very big market’ for Ethereum

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While the Founder of SkyBridge Capital, Anthony Scaramucci has been “singularly focused” on Bitcoin, he revealed his opinion on Ethereum today during a recent interview. The former White House Communications Director stated that there is a “very big market” for the largest altcoin. He predicted that the coin’s network has “good fundamentals and will grow.”

In fact, Scaramucci said that SkyBridge “certainly could” have an Ethereum-focused fund in the future. With regard to why he personally likes Ethereum, the exec remarked on the growing interest in NFTs based on Ethereum and the technology that surrounds it. He added:

The technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with. I do like Ethereum… I am positive on Ethereum.

But stating that he is in an “institutionalist business” and that he “thinks like an institutionalist” and his “first step” is to focus on Bitcoin.

Scaramucci’s interest in Bitcoin may have become stronger after Skybridge Capital established a Bitcoin fund that grew alongside the crypto rally. The firm had invested about $310 million in Bitcoin during November and December last year, and within the first few weeks, the fund grew to $360 million dollars.

Since the real conundrum is in introducing new clients to cryptocurrency, Scaramucci would rather focus on Bitcoin, at least for now. Moreover, as the asset has grown in mainstream popularity this notion would help him move his 26,000 clients from zero exposure to crypto to at least one, such as Bitcoin.

Earlier Scaramucci even revealed his Bitcoin pitch to influence his potential clients to invest in the crypto. Speaking to the CNBC team he said:

For us, it’s [Bitcoin’s] the apex predator in the space. I tell my clients whether they like it or not, the world is moving into digitization. If they have a 1, 2, or 3% position they’re going to look at us as fiduciaries and think they were very well served by that.

Cryptocurrency Analyst Predicts Ethereum Breakout to Hit $3,285 and Bitcoin Bull Cycle to Top at $83,000

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Cryptocurrency used to be a bit shady for the public to take notice of but due to larger personalities like Elon Musk not only showing interest in cryptocurrency but also investing in it, the tides have changed. One of the more popular cryptocurrencies, Ethereum, has been gaining a lot of attention lately as prices break out at $2,000! On the other hand, Bitcoin is now expected to potentially hit $83,000!

Ethereum Price Prediction

Jacob Canfield, a crypto trader and analyst for signalprofits.com, gives a prediction on Twitter noting that the current trendline is supported with horizontal SR. There are nice sweeps of lows and liquidity still with a strong bullish engulfing.

Ethereum, especially, is strongly holding on to a key trendline support going along with the daily SR level on a positive 61.8% fib. The analyst then noted that if ever Ethereum really breaks out, he then expects that it would reach $2,650/$3,285 targets.

Bitcoin Price Prediction

Bitcoin, on the other hand, was estimated to top the bull cycle at $81,800 with a range of a whopping $78,000-$83,000. The cryptocurrency analyst then noted that it was derived using certain non-linear regression brands as well as the 76.01 Canfield Fibonacci extension confluence as its indicators.

Ethereum vs Bitcoin

Of course, the thing about cryptocurrency is that it is very volatile and that predictions made regarding its value are still to be taken with a grain of salt. With the fibonacci sequence as an indicator, however, Ethereum prices do show a possibility of hitting those target numbers if everything were to go smoothly.

Of course, this still highly depends on the market’s perception. As of the moment, more people are slowly looking towards cryptocurrency as a legitimate investment instead of the internet money taboo it once was. Aside from Bitcoin, Ethereum is another cryptocurrency that is getting more popular and has even been referred to as more stable in comparison to Bitcoin.

Is Ethereum Safer Than Bitcoin?

While there are thousands of other cryptocurrencies out there, fxempire notes that Ethereum is more stable in comparison to Bitcoin. The article, although, did its analogy based on data back in 2020, ajd still noted that the less aggressive volatility of Ethereum makes it a relatively safer cryptocurrency to invest in in comparison to Bitcoin.

Of course, it does not mean that because Ethereum might be showing less volatility, it is safer than Bitcoin. Ethereum itself still includes a level of risk that traders will have to be able to stomach if they really do decide to invest in this cryptocurrency. While the value of Ethereum and Bitcoin might be very far from each other, both of them are still very volatile in comparison to other fiat currencies like the USD or other stocks like what happened with GameStop.

Read Also: ‘Ethereum vs. Bitcoin:’ Ethereum Reaches $2,000 All Time High Record; Bitcoin Expects to Hit $80,000 by End of April

Ethereum Price chart

Jacob Canfield also provided a chart that supported his estimations but it is very important that traders and investors do their own research as well. For those really wanting to get into cryptocurrency trading, it is important to learn how to do research and become familiar with the right indicators which can be used to show how exactly is the Ethereum price moving.

$ETH - $BTC - Key trendline support with horizontal SR. Nice sweep of the lows and liquidity with a strong bullish engulfing$ETH - USDT - Holding to a key trendline support along with a daily SR level on the 61.8% fib

If #ethereum breakout, expecting $2,650 / $3,285 targets. pic.twitter.com/QV4IOzzIG9 — JacobCanfield (@Jac0bcanfield) April 6, 2021

My public estimate for #Bitcoin top for this bull cycle is $81,800 with a range of $78,000-$83,000 (depending on the exchange).

I derived this using non-linear regression bands and the 76.01 Canfield Fibonacci extension confluence.

What are your estimates for the top? pic.twitter.com/ZGAtXsBLI7 — JacobCanfield (@Jac0bcanfield) April 6, 2021

Related Article: Terry Crews Creates Own Cryptocurrency $POWER: Here’s Everything You Need to Know

This article is owned by Tech Times

Written by Urian Buenconsejo

TAG Ethereum, bitcoin, Cryptocurrency, crypto, Online

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