• Sun. Apr 21st, 2024

Scaramucci Advises Acting as Though You’re Dead

BySamantha Johnson

Mar 24, 2024
Scaramucci Advises Acting as Though You’re Dead

During the Bitcoin Investor Day conference, Anthony Scaramucci advised investors not to sell their bitcoin despite high volatility. He stated that many clients have been troubled by the significant price swings of the cryptocurrency. Scaramucci recommended adopting a passive approach and “acting like you’re dead” when it comes to managing bitcoin investments.

Scaramucci emphasized that doing nothing may be the best strategy for bitcoin investors. During a panel with Anthony Pompliano at the conference, the SkyBridge Capital founder noted that clients have generally been content with their bitcoin allocations, but have expressed concerns about the asset’s price fluctuations. He pointed out that avoiding the temptation to react to market volatility can be challenging but can ultimately lead to better outcomes for investors.

Scaramucci, an experienced Wall Street veteran, suggested that bitcoin’s total market cap could rival that of gold, which is estimated to be around $12 trillion. He encouraged investors to hold onto their bitcoin as he believes in its long-term potential. The recent approval of several bitcoin ETF products by the Securities and Exchange Commission has fueled demand for the cryptocurrency, with bitcoin gaining approximately 44% year-to-date.

As the market anticipates an upcoming halving event in April, experts predict a potential supply shock that could drive bitcoin prices higher. ARK Invest CEO Cathie Wood shared her firm’s price target of $1.5 million for bitcoin by 2030 during the conference, suggesting that recent developments could push the token’s value even higher. With the approval of bitcoin ETFs from major asset managers like BlackRock and Fidelity, institutional demand for bitcoin is on the rise.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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