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Hedge fund managers see the crypto market on the up again soon

 


Anthony Scaramucci, founder of hedge fund Skybridge Capital, believes the future of crypto markets is bright and advises investors to “look beyond the current crisis.”


The hedge fund manager comes to the corresponding forecast in a recent interview with CNBC, in which he refers, among other things, to the new cooperation between the crypto exchange Coinbase and the influential asset management company BlackRock. So their new bitcoin mutual fund would be a very positive sign.


“Finally, BlackRock CEO Larry Fink is noticing the institutional demand for digital assets, otherwise he would hardly be launching such an investment product and partnering with Coinbase.

"Let me remind you that there is only 21 million bitcoin ( BTC ) in total and there will be a shortage that will leave very little supply," Scaramucci said.


Ethereum Merge as the driving force

The expert also sees the upcoming merge of Ethereum (ETH), which is planned for September 15, as an important event that could have a lasting impact on the price development of the second-largest cryptocurrency.


Traders are currently buying the leading Altcoin to take advantage of the potential of switching to the Proof-of-Stake (PoS) consensus process, but Scaramucci sees the danger that investors will quickly sell again.


"A lot of traders are speculating on the hopes of the merge right now and will probably sell right away if it actually happens, but I would advise people not to do that because it's actually a good long-term investment," said the hedge fund manager .


Despite the ongoing bear market, some cryptocurrencies are now on the up again. BTC has gained 20% in the last month and has almost climbed back to $25,000, while ETH is within reach of the important $2,000 mark with a whopping 62% gain.


In this context, Scaramucci emphasizes that he is once again noticing increased interest from investors with his company, and he also assumes that the global economy will be able to build on the strong performance of the fourth quarter of 2019 in just 6 to 12 months.


Overall, the expert is therefore positive about the medium to long-term development of the crypto market, which is why he advises against reacting excessively panicked and emotionally to bad news and falling prices.

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