Former White House Communications Director Anthony Scaramucci, founder and managing partner of global alternative investment company SkyBridge Capital, shared his thoughts on Bitcoin and the altcoin market. Here are the details…
Scaramucci praises the decentralized nature of cryptocurrencies
SkyBridge Capital is an SEC-registered investment advisor and global alternative investment manager that invests in hedge funds, digital assets, private equity and real estate. On May 12, Scaramucci talked about the crypto market after the LUNA/UST debacle in an interview with Scott Wapner, host of CNBC’s “Closing Bell: Overtime.” Scaramucci used the following statements:
In March 2020, when Bitcoin fell between four and six thousand dollars, $70 billion was lost and so to get the magnitude of what we’re talking about now, it’s worth $800 billion. correction needed. But I think the good news about it is frankly, it’s decentralized, there’s no systemic risk.
Scaramucci: We didn’t sell BTC and altcoin investments
“Frankly we didn’t sell a position,” Scaramucci said in the wake of the LUNA “debacle.” Still, its core funds offer around 18 percent exposure to Bitcoin and Ethereum. “If you take a long-term perspective, you can do very well in the cryptocurrency markets,” Scaramucci said. When you have such losses, everyone becomes a short-term investor. It’s cliche, but I’m a long-term investor until I have short-term losses.”
I understand the panic in the markets, but I will encourage people to think about the two main protocols, Bitcoin and Ethereum. Take a look at what they’ve done over a five-year period and admit there’s a flaw in their Terra (LUNA) mechanism. Many people were against it. SkyBridge did not own any of these tokens. A lot of people were against it, and of course, there was huge selling pressure when this collapsed.
Scaramucci said in his interview, “So, I think this thing is technically oversold. We are optimistic in the long run. This is my eighth bear market cycle and I want to encourage young people – perhaps this is their first or second market cycle – to see the carnage and acknowledge that, as in March 2020, there is an extraordinary opportunity ahead,” he concluded.
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