Always at the heart of speculation, bitcoin continues to be talked about. Since it regained momentum, almost all analysts expect the asset to explode. Perhaps not in the same proportions since some believe that bitcoin is undervalued.
Bitcoin should have been worth at least $40,000 right now…
In April, bitcoin (BTC) exploded to $30,000 before falling. The fact that the valuation of the asset is less well off than a few weeks ago does not dampen the enthusiasm of investors. Overall, they are unanimous in saying that the asset should soon reach new heights.
For someone like Anthony Scaramucci, CEO of hedge fund SkyBridge Capital, that prospect is obvious. Because, in the fund, he believes, the flagship crypto would be undervalued. It should have actually been valued at a much higher amount than its current valuation. Were it not for external contingencies, bitcoin would be worth at least 46% more than its current level.
That is to say, at the very least, the valuation of bitcoin should have been $40,000 instead of $27,000 currently! The reasons for this state of affairs are manifold. These are essentially fraud, indebtedness, overconfidence. A set of exogenous circumstances that caused a very sharp drop in prices on the markets.
“A lot of things happened in the last year like the Sam Bankman-Fried case. […] There is everything in this story. Fraud, excessive indebtedness, overconfidence. And that caused a very strong depression in the markets,” explained the boss in an interview he gave recently.
But patience, it will be worth much more!
Despite everything, Anthony Scaramucci thinks that bitcoin is only destined to explode. For that, it would be enough, he argues, for the level of adoption of the asset to double. According to him, it is currently around 4% on a planetary scale. A figure that represents approximately 340 million wallets.
“What we’re seeing is better minor activity, we’re seeing portfolio expansion. You have 4% global absorption for bitcoin, around 340 million wallets. That’s pretty much what the Internet was in 1998. Just go from 4% to 8% for bitcoin yields explode. So I’m asking people to be patient.”the official said.
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