Massive Sell-Off Aftermath: Scaramucci Says “This is a Buying Opportunity”

On November 26, financial markets around the world saw a severe sell-off. Investors hurried to protect themselves from the economic difficulties that lockdowns and travel bans could reintroduce. 

Anthony Scaramucci of investing firm SkyBridge Capital, on another note, saw it as a good time to buy stocks and cryptocurrencies.

Bitcoin (BTC), the world’s biggest cryptocurrency, has dipped to prices that were last seen at the beginning of October, while the crypto market lost $200 billion of its value, falling by 5.5%. Cryptocurrencies such as Ethereum (ETH), Solana (SOL), Polkadot (DOT), Ripple (XRP), and Avalanche (AVAX), along with Bitcoin (BTC), in merely 24 hours traded in the red, ranging from 5% to 12%.

Global markets and oil prices were also hit hard, with the S&P 500 down 2.27% and oil futures down nearly 12.81%. 

In an interview with CNBC, Scaramucci viewed these changes as good, stating that the Federal Reserve may be less likely to reinforce monetary policy as strongly as it had intended. He stated that “if the Fed is not tapering, this is a buying opportunity. It’s Black Friday, and things are on sale.” 

Furthermore, the Bitcoin (BTC) savvy CEO noted that for many, the coin’s inherent value is the major motivation of its price. In this respect, he went on to say that “those believing in the asset class should scoop up the discounts during this market dip. If you believe in the long-term fundamentals as we do, this is the time to be buying.”

Additionally, Scaramucci argued that “I just think this is a risk-off situation right now. Bitcoin and other cryptocurrencies being volatile, that’s taking people out of the game. That’s also washing out some of the leverage, which I think sets up a pretty nice first quarter.”

It is worth noting that the cryptocurrency market has now rebounded from the Thanksgiving sell-off. At the time of publication, Bitcoin (BTC) had retreated to around $55,000. The worldwide cryptocurrency market capitalization increased by 1.2%, with many of the digital currencies trading in the positive once more.

There have even been the likes of El Salvador President Bukele, who took advantage of the dip and bought an additional 100 Bitcoin (BTC) on Friday. 

El Salvador, the first and only country to recognize Bitcoin (BTC) as legal currency, is known to buy the dip whenever the opportunity presents itself. President Bukele has not squandered an opportunity to stockpile discounted coins in El Salvador’s Bitcoin (BTC) treasury.

Also read: Steve Hanke Calls El Salvador Bitcoin City an “Absurd Political Stunt”