Is $100,000 the Magic Number to Bring Back Bitcoin Investors? Anthony Scaramucci Makes a Bold Case to Buy BTC Now.
Anthony Scaramucci's assessment of Bitcoin highlights the risks investors face with the cryptocurrency.
Overview
Investors like big, round numbers, which is what Anthony Scaramucci, founder of SkyBridge Capital, suggests in his assessment of Bitcoin (CRYPTO: BTC). In his defense, that's likely to be true. However, it highlights an important factor you shouldn't ignore when considering Bitcoin. Here's why $100,000 was an important level, according to Scaramucci, and why he thinks Bitcoin could rise again.
Even after a rally, Bitcoin remains more than 33% below its 2025 high, as of this writing. That's a massive drop, which took the cryptocurrency from over $100,000 to well below that figure. What happened? According to Scaramucci, the reason is that people who had held Bitcoin for a long time viewed the big round number as a sell trigger. That's not a shocking thing, as every big round number the S&P 500 index (SNPINDEX: ^GSPC) passes through gets highlighted, as well.
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Originally published at www.fool.com.