Skybridge Capital founder Anthony Scaramucci said in a recent interview that he is more bullish on Bitcoin BTC/USD now than he ever was.

What happened: In conversation with decrypt published on Thursday, Scaramucci said there were reasons for optimism. The boom-bust cycles of Bitcoin and other cryptocurrencies align with the mechanics of the halving process, he explained, adding that another halving will occur in April next year.

The period between January 2021 and the end of 2022 saw a huge surge in Bitcoin’s popularity, leading to a boom-bust cycle, the hedge fund manager said. The cryptocurrency went through an exaggerated boom-bust cycle because of significant media attention to bitcoin and because bitcoin wallets were widespread during that time, he added.

Scaramucci noted that during this period, fraud cases mushroomed. “What happened almost on time is the intersection of fraud and excessive leverage, which always happens in the age of new technologies,” he said.

“The technology we have now can create a swarm of bees,” Scaramucci said. He drew a parallel with previous years, noting that 10 to 15 years ago centralized hedge fund managers could make individual stock decisions and wouldn’t necessarily have faced backlash from such a swarm of bees because those managers didn’t have platforms like Zoom, Instagram, iMessage and the like .

Scaramucci addressed the recent setbacks in the crypto industry, including related disasters FTX, Celsius, Luna And BlockFiand SEC Chairman Gary Genslers Anti-Crypto Attitude.

Bitcoin is an “incredibly resilient, bizarre antifragile asset class” and could likely surge to $40,000 or $50,000 by the end of the year, Scaramucci added.

See also: How to buy cryptocurrencies

Institutional interest: Discussing how different people value Bitcoin, Scaramucci noted that on one end of the spectrum there are people like Michael Novogratz, WHO…