Bitcoin (BTC), Ethereum (ETH), Algorand (ALGO) and other altcoin projects are said to account for about half of the $3.5 billion assets under the custody of SkyBridge Capital founder Anthony Scaramucci.
Anthony Scaramucci comes with a tripling eye on crypto investment
Scaramucci said in a recent Bloomberg interview that SkyBridge Capital has “adapted and repositioned” throughout the pandemic and that the company has become a major cryptocurrency manager in the future. and he says he aims to be a consultant. Scaramucci adds:
If you look at GDP growth over the last ten years, it was below trend at 1.6%. To be clear, I don’t believe that high inflation will be permanent, but if it’s for a long time – say, 18 to 36 months – you need to position yourself in areas with strong economic development. According to our predictions, the cryptocurrency market will rise at an astonishing rate. It’s not without risk, but in the next three to five years, that’s the trajectory we want.
“I am aware of the risks”
Scaramucci admits that dedicating a large portion of the company’s capital to cryptocurrencies is a dangerous tactic:
I want to be as versatile as a Swiss army knife. My goal is to look at markets as they are now, not as I want them to be, and then change our company to fit those conditions. However, we are well aware of the dangers of the course of action we have chosen.
SkyBridge’s favorite altcoin project: Algorand (ALGO)
Algorand (ALGO) is a long-term favorite of SkyBridge as a PoS Blockchain that allows developers to build decentralized applications for financial services. The smart contract platform, an Ethereum (ETH) competitor, aims to reduce transaction costs while increasing speed. According to Scaramucci:
I have currently invested $250 million in Algorand. I believe Algorand will be Google in the future… I see a new world with Algorand. It will take an increasing number of people who have done extensive research and then decide to go with it.
Just as Google did in the early days of the internet, Scaramucci believes Algorand will challenge the industry’s top crypto players as Google did. Earlier this year, Scaramucci predicted that the Bitcoin price would eventually reach $500,000 in the near future.
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