SkyBridge CEO Says the Sell-off Is a Buying Opportunity For Investors

It’s no news that the financial market witnessed a tumble on Friday, with various company shares shedding valuation. The crypto market wasn’t safe either, as top cryptocurrencies, such as BTC, ETH, and altcoins plunged to low levels, shedding between 5%-10% of their values in one day. 

Oil prices also recorded significant losses, with oil futures declining over 12.8% as of the time of this publication. S&P was also down 2.27%

The huge market sell-off caused a panic amongst investors, given that the world could go through lockdowns as a result of the recent resurgence of Covid-19 cases, further fueling economic hardships. However, one individual that remain optimistic about the market is SkyBridge CEO Anthony Scaramucci

The CEO believes that now is the best time to capitalize on the huge sell-off to buy stocks and cryptos. While analyzing the recent developments including the chances of the Federal Reserve tightening monetary policies, the CEO revealed that the current situation of the financial market presents everyone a buying opportunity 

Scaramucci Advises Crypto Investors to Buy Market Dip 

He revealed that the flagship crypto’s intrinsic value is the main factor responsible for its price for many. Based on this, Scaramucci advised those associated with the asset class to capitalize on the discounts, adding that long-term fundamentalists wouldn’t hesitate to buy the market dip. 

Scaramucci said he thinks the situation right now is a risk-off, adding that the volatile nature of BTC and other digital assets are causing people to leave the game and “washing out some of the leverage.” He opined that the situation sets up a pretty good Q1, referring to the first quarter of 2022. 

The crypto market has recovered briefly from the liquidation, with market cap increasing by 1.2%. BTC reached $55k at press time, as did some other cryptos, which now find themselves in the green. 

El Salvador Capitalizes on Market Slump to Buy More Bitcoins Once Again 

One of the biggest winners of the market dip is El Salvador, the first nation to use BTC as an official currency. El Salvador’s President, Nayib Bukele announced earlier today that the country had added another 100 BTC to its holdings, making it a total of 1220 BTC. 

Bukele has never missed buying the dip since the nation’s historic announcement in September. Shortly after he announced BTC as legal tender, Bitcoin slipped by almost 8%, trading at approximately $42k. 

Bukele maximized his opportunity and bought the dip, purchasing 150 BTC a few days later reportedly worth $6.8M. The Central American Nation had initially purchased 400 Bitcoins before that. 

Last month, the “CEO of El Salvador”, as he brands himself on Twitter, announced that the country had purchased 420 Bitcoins after its price fell to below $60k. Fortunately for him, BTC’s price went up after his announcement, giving him the bragging rights once more.