Anthony Scaramucci, the CEO of SkyBridge Capital, recently mentioned a major catalyst that could spark widespread adoption of top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). According to Scaramucci, the ongoing banking and financial crisis in the US is pushing more people towards investing in digital assets for diversification. Furthermore, he believes that the cryptocurrency bear market has ended and the prices of crypto assets are likely to continue going up.

Scaramucci also commented on the ongoing case against Binance, the world's biggest crypto asset exchange. While he acknowledged Binance's importance in the crypto industry, he downplayed its potential to disrupt the larger market in case of any serious issues. To back up his argument, Scaramucci cited two previous crypto market downturns due to the collapse of large crypto exchanges; Mt. Gox and FTX. He also highlighted the inherent resilience of the crypto sector and the growing influx of investors due to increased on-chain analysis. At the time of writing, BTC is trading at $28,048 while Ethereum is worth $1,871.

Scaramucci's bullish stance that crypto remain a strong asset isn't a surprise, especially given the fact that SkyBridge Capital has recently come up with its own Bitcoin Fund that allows investment in the crypto asset. Analysts have suggested that the US Federal Reserve's loose monetary policies in 2020, combined with the ongoing financial crisis, will lead more people to increase investments in crypto assets as a form of diversification and a hedge against inflations. With Wall Street giants such as Tesla, MicroStrategy and Jack Dorsey also investing billions in BTC, the space is expected to gain more attention from financial institutes.



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