American Financier Anthony Scaramucci Assures Investors They Haven’t Missed the Bitcoin Rally
American financier and SkyBridge Capital founder Anthony Scaramucci has sent a light-hearted note to investors who think they may have missed the Bitcoin price rally, but have not lost anything in reality.
Bitcoin Price to See Brighter Days
Bitcoin price climbed to $50,000 this week marking a new high since 2021. The uptick in Bitcoin price drew a lot of attention from investors worldwide who wanted to grab as much profit before the market went sour. Scaramucci thinks that some average investors may think that they have missed the Bitcoin buying opportunity.
For those asking if this is the case, he noted that the answer to that thought is a hard “no.” To buttress his point, Scaramucci noted that interest rates are still falling. Noteworthy, the SkyBridge Capital founder may not be far from the truth as there are suspicions that the Federal Reserve will further delay rate cuts.
The Impact of Inflation and Interest Rates on Bitcoin
The United States Consumer Price Index (CPI) data which came in on Tuesday signaled that inflation might not be as controlled as the Feds wished it was. Based on the figure released by the U.S. Bureau of Labor Statistics, the CPI for January showed 3.1% inflation. The data also raised speculations that the Fed’s interest rate cuts in March and May are most likely off the table.
A delay in rate cuts could indicate turbulent trading for the mainstream market but serve as a boom for the crypto world as Bitcoin is pitched as a hedge against inflation.
Factors Driving Bitcoin Price Rally
Apart from interest rate cuts, Scaramucci believes that other drivers are available that could sustain the Bitcoin price rally.
One such factor is the spot Bitcoin ETFs which were approved by the SEC a month ago. The spot Bitcoin ETF market has seen much flow in the last few weeks. It was recently reported that the net cumulative inflow topped $3 billion from the ten Bitcoin ETFs.
There is also the case of Bitcoin halving, scheduled to happen in mid-April. Similarly, renowned crypto analyst Michaël van de Poppe shared his predictions for Bitcoin’s future, hinting at a potential surge to new heights following the 2024 halving event. This is the sentiment that Scaramucci shares about more Bitcoin price profit.
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