SkyBridge Capital chief Anthony Scaramucci, in conversation with Business Insider refrained from making predictions about the trajectory of Bitcoin and market conditions. He urged investors to \”stick to quality assets\” and to be prepared for any turn.
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\”Everything that you think cannot happen in markets can happen. … The goal is to hold a position for a long time. … The same goes for blockchain technology: if you believe it is the future of financial innovation and it will be used for transactions, then you should own assets such as Bitcoin and Ethereum,\” Scaramucci said.
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In his view, investors should be able to withstand market volatility tied to the sector. One point of concern, he noted, is the lack of market liquidity in cryptocurrencies.
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As an example, he cited the collapse of the Terra ecosystem. In May, the non-profit LFG spent from its reserve fund about 26.3 million USDT, about 23.5 million USDC and 33,206 BTC to support the TerraUSD (UST) peg to the dollar.
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Against the backdrop of events surrounding the algorithmic stablecoin and the LUNA crash Bitcoin prices fell below $27,000, and Ethereum tested the level $1,800. Scaramucci noted the Terra incident’s impact on the entire market.
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At the same time, he noted that SkyBridge Capital had taken a sizable position in Algorand. In September 2021, the firm raised $100 million for a blockchain-focused fund.
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According to the head of SkyBridge Capital, he remained impressed by the project, its founder Silvio Micali, and the community.
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\”I like technology. I obviously like cryptocurrencies. I would like to invest in these directions right now, because I think they are very cheap,\” Scaramucci said.
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He also added that he holds a sizeable stake in Coinbase, the Bitcoin exchange. He said the price at around $64 is \”ridiculously cheap\”.
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Back in early 2022, Scaramucci advised hodlers to calm down and stay long on Bitcoin and other cryptocurrencies such as Algorand and Ethereum.
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