Despite the world's leading cryptocurrency Bitcoin sliding down below by $10,000 yesterday, the founder of SkyBridge Capital, Anthony Scaramucci says that the digital asset's 2021 bull cycle is not over and will resume.
When looking into the cryptocurrency’s price history, massive sell-offs are quite common, according to the former White House Director of Communications.
He also touched upon smaller players using tremendous amounts of leverage that resulted in liquidations skyrocketing to over $9 billion yesterday.
These forced liquidations added increased selling pressure that resulted in Bitcoin’s price dropping, according to him.
Additionally, he highlighted Bitcoin’s negative publicity amid the recent announcement of Tesla no longer accepting bitcoin payments over environmental concerns.
However, Scaramucci said that his organization’s research showed that more than 40% of the energy used to mine Bitcoin is renewable while the overall carbon emission from the cryptocurrency is equal to 0.13% of the world’s carbon emissions.
He views that Musk’s concerns about the cryptocurrency could be related to the company receiving carbon credits.
Despite China’s authoritarian regime, Scaramucci noted that Facebook, Google, and other social platforms are popular, despite the country's censorship problem.
Scaramucci concludes on the cryptocurrency, saying:
Meanwhile, veteran trading analyst, Peter Brandt has a differing view from Scaramucci on the flagship cryptocurrency. The trading analyst sees that the cryptocurrency's bottom is likely insight.