SkyBridge Capital’s Anthony Scaramucci believes that Bitcoin BTC/USD is technically oversold at its current trading levels.
What Happened: In a recent speech at the Collision conference in Toronto seen by CoinDesk, Scaramucci said investors could look back on Bitcoin, and crypto is oversold, given the network’s exponential growth in wallet activity and use cases across the board.
“Investors may look back and recognize bitcoin being a very cheap asset that we can take advantage of because of certain people being over-levered in the system,” he said.
The former White House director of communications said that during times of macroeconomic periods of “easy money,” sectors like crypto have a tendency to do things that are excessive and overboard.
See Also: IS BITCOIN DEAD?
Last year, Scaramucci said his Bitcoin purchase was worth over $1 billion. At the time, Bitcoin was trading at around $62,000, closer to its all-time high ahead of $69,000.
Scaramucci said he began accumulating Bitcoin in 2020, therefore, it is likely that he is underwater on his purchase at the time of writing.
Price Action: As per data from Benzinga Pro, Bitcoin was trading at $21,130, up 2.22% over the last 24 hours. The leading digital asset is trading 70% below its all-time high.
Photo: Courtesy of Jdarsie via Wikimedia
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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