Bitcoin’s resurgence is sending waves of excitement from Wall Street to everyday investors. Reaching over $69,000 on Tuesday, it surpassed its previous all-time high from late 2021. This resurgence comes after the crypto industry weathered two years of challenges, including bankruptcies, legal battles, and scandals.
For Anthony Scaramucci, founder of SkyBridge Capital, this moment is noteworthy, but he remains cautious. Reflecting on the industry’s ups and downs, he recognizes the resilience of Bitcoin but anticipates a bumpy road ahead.
This optimism contrasts starkly with the challenges faced just over a year ago, when the collapse of crypto exchange FTX and legal troubles of its founder, Sam Bankman-Fried, rattled the industry. Despite setbacks, SkyBridge held onto its Bitcoin, Ether, and Solana holdings, with Bitcoin seeing a 4.6% rise to $66,249 on Wednesday.
Other crypto hedge funds, like Alt Tab Capital, are also bouncing back. Greg Moritz, Alt Tab’s COO, describes it as a moment of joy when Bitcoin hit its all-time high, despite having assets stuck on FTX. With patience and strategic investments, they weathered the storm of the bear market.
Bitcoin’s breakout has reignited interest among retail investors. Chris Newhouse, a DeFi analyst, notes the increased chatter among friends and family about crypto investments. However, some, like investor Jakob Paulsen from Amsterdam, express mixed emotions, eager to see their portfolios grow but wary of rising prices.
Retail investor Matthias Barva from Norway expects corrections in Bitcoin’s price but remains hopeful for its long-term growth and wider adoption. Meanwhile, veteran investor Michael Terpin, who bought his first Bitcoin at $120 in 2013, sees potential for a “super cycle” driven by Bitcoin’s halving and is preparing to celebrate at an event in Los Angeles.
