Anthony Scaramucci Says Crypto and Bitcoin are Bound to Decouple from Stocks
The founder of Skybridge Capital, Anthony Scaramucci, believes one catalyst will lead to a decoupling between crypto such as Bitcoin (BTC), Solana (SOL) and Avalanche (AVAX) from Stocks.
The Markets Could Moves Higher
In a new interview with CNBC, the former White House Director of Communications says the Federal Reserve is likely to finish raising interest rates, and that markets will rise regardless of another 75 basis point hike in this month.
“I think they probably move one more time – and frankly, if it is 75 (bps), I think the market actually moves higher because that’s really the finishing point, 50 would be good as well,” he explained.
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“But again remember deflation is the worst part the thing that gonna happen to it deadly economy because what happen is wages go down but your debt stays constant so just imagine the average household is making 60 thousands dollar a year and carrying $200,000 debt so suppose the pays goes down it become impossible to service that debt that happened in the 1930s. They saw a real economic collapse. The FED definitely doesn’t want that. They’re willing to take some inflation to avoid that possibility,” he added.
As of now, the hedge fund CEO believes crypto assets correlate with major stock indices such as Nasdaq.
The Catalyst Could be Regulatory Clarity from SEC and CFTC
Nevertheless, Scaramucci believes clear crypto regulation from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could be the catalyst that makes crypto start to take off independently.
“Until the SEC, the CFTC, and the legislator move to create more clarity in the regulation around crypto, it seems like it’s conjoined with the Nasdaq and the other risk assets,” Scaramucci said.
Read More: There Are Clear Regulations for Digital Assets, Balcony DAO Co-founder Says
“I will point out, though, that last month Bitcoin was down about 3.7% and the overall market was down closer to 10%. So it did a little bit better last month. At some point, I do predict you’ll have a decoupling, but it won’t be until you get regulatory clarity so with the market up right now it’s not surprising to me that things like Bitcoin, Avalanche, and Solana are moving,” added him.
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