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In a recent discussion, the former associate of Sam Bankman-Fried reaffirmed his stance that the FTX founder represents the cryptocurrency equivalent of Bernie Madoff.
However, Scaramucci mentioned that he remains committed to cryptocurrency and bitcoin, sharing his company’s current intrinsic BTC valuation.
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- The former White House Director of Communications during the Trump administration ventured into the cryptocurrency realm shortly after the onset of the COVID-19 pandemic and has since become a consistent advocate, seizing every chance to endorse and invest in bitcoin.
- In an interview with Bloomberg earlier this week, Scaramucci reiterated his support for the asset despite the recent turmoil in the industry and his personal experiences.
- He stated that BTC’s present USD value of approximately $27,000 is actually a conservative estimate, as his company believes “intrinsically bitcoin is worth about $40,000.”
- Scaramucci supported the higher valuation by citing the increasing adoption of the cryptocurrency, which includes a rising number of addresses and miners receiving greater rewards compared to the previous year.
- He also likened BTC’s adoption, with over 300 million wallets currently, to the Internet in 1998, which represented about 4% of the global population. Consequently, once this figure increases to 8%, investors can expect “explosive returns” from their bitcoin investments.
- In addition to BTC, Scaramucci was associated with FTX last year when the now-defunct exchange acquired a 30% stake in SkyBridge Capital.
- In light of the events surrounding SBF shortly after that agreement, Scaramucci has distanced himself from his former partner, previously labeling him the Bernie Madoff of crypto. In the latest interview, he elaborated 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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