Why Scaramucci Is Still 'Quite Optimistic' About Crypto's Trajectory Over The Next Few Months

The crypto markets fell sharply Tuesday after steadily climbing higher over the last month.

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, isn't worried about the price action.

What Happened: No one can be certain, but given his lengthy experience in the markets, Scaramucci said Wednesday on CNBC crypto felt like it was peaking as a result of the El Salvador news.

El Salvador rolled out the adoption of Bitcoin BTC/USD Tuesday, making it the first country to adopt Bitcoin as legal tender.

Related Link: Starbucks And McDonald's Now Accept Bitcoin In El Salvador

What's Next: A lot of leverage in the system was blown out as a result of the sell-off in cryptocurrencies, but the demand and fundamentals for crypto continue to improve, Scaramucci told CNBC.

"Every day you hear new stories about more wallets, more activity, more potentiality of an ETF - at least a Bitcoin futures ETF - and so I'm still quite optimistic for year's end," he said.

As digital applications become more prevalent, alt-coins like Ethereum ETH/USD, Cardano ADA/USD and Algorand ALGO/USD will continue to rise. There are "great use cases" for many of the alt-coins, Scaramucci said.

Crypto Price Action: Bitcoin was down 1.83% at $46,151, Ethereum was up 0.55% at $3,418.28, Cardano was up 4.40% at $2.42 and Algorand was up 55.14% at $1.75 over a 24-hour period at the time of publication.

Photo: Photo by Bermix Studio on Unsplash