Anthony Scaramucci, the founder of SkyBridge Capital, stated that the recent Bitcoin sell-off lacks a rational basis, primarily stemming from some investors viewing Bitcoin as a 'high-risk' asset.
In a recent post on platform X, he argued that this decline is mainly a reaction to the volatility of tech stocks, rather than any underlying issues related to Bitcoin.
Scaramucci emphasized BlackRock's role in helping investors perceive Bitcoin as a long-term diversification hedge, rather than just a high-risk asset.
He also noted that while other Bitcoin ETF funds experienced outflows, BlackRock's iShares Bitcoin Trust (IBIT) recorded inflows of up to $315 million on the same day.
BlackRock is aggressively accumulating assets.
This sell-off occurred against the backdrop of the overall market, with spot Bitcoin ETFs recording net outflows of $54.9 million on November 1, following a week of inflow growth.
However, BlackRock's IBIT continues to attract strong investment demand, reaching a record level with $875 million in inflows on October 30. In total, spot Bitcoin ETFs attracted $917.2 million in a single day – the highest since March.
Despite sustained investor interest, the price of Bitcoin still fell below the $70,000 threshold on Friday.
Will Bitcoin see a new growth phase?
Theo Bitcoin Magazine, Scaramucci once predicted accurately that the price of Bitcoin would rise sharply after the U.S. Federal Reserve cut interest rates.
The founder of SkyBridge Capital recently asserted that Bitcoin is still in its early stages.
"If you are watching Bitcoin reach new highs and think you have missed the opportunity – that's not the case," he emphasized.
Scaramucci encourages potential investors to deeply research the original documentation of Bitcoin and listen to prominent Bitcoin advocates like MicroStrategy co-founder Michael Saylor and ShapeShift founder Erik Voorhees.
$BTC $SHIB $FDUSD
