In a recent interview, the former partner of Sam Bankman-Fried doubled down on his belief that the FTX founder is the crypto spin-off of Bernie Madoff.
Nevertheless, Scaramucci added that he is sticking with crypto and bitcoin and provided his company’s intrinsic BTC value at the moment.
The former White House Director of Communications for the Trump administration entered the cryptocurrency space shortly after the COVID-19 pandemic broke out and has become a permanent member since then, taking every opportunity to praise and invest in bitcoin.
Speaking to Bloomberg earlier this week, Scaramucci doubled down on his support for the asset despite the recent calamity in the sector and his personal experience.
He said BTC’s current USD value of around $27,000 is actually an understatement as his company believes “intrinsically bitcoin is worth about $40,000.”
Scaramucci justified the higher price with the increasing adoption of the cryptocurrency, including the growing number of addresses, as well as miners earning more rewards compared to last year.
He also compared BTC’s adoption, with over 300 million wallets as of now, to the Internet back in 1998, which is around 4% of the global population. As such, once this percentage doubles to 8, investors will see “explosive returns” from their bitcoin exposure.
Aside from BTC, Scaramucci was involved with FTX last year as the now-defunct exchange acquired a 30% stake in SkyBridge Capital.
Given everything that happened with SBF just a few months after that deal, Scaramucci has turned against his former partner, calling him the Bernie Madoff of crypto in the past. In the most recent interview, he even went a step further:
“You’re mentioning the Sam Bankman-Fried thing. It was almost like if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried. You got everything in that story. You got fraud, you got over-leverage, you’ve got excess confidence. And it caused a really big depression in the markets.”
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