SkyBridge Founder Anthony Scaramucci Still Likes ‘Long Term’ Bitcoin Despite His Fund’s Current Struggles
SkyBridge Capital founder Anthony Scaramucci says he’s still a long-term follower of Bitcoin (BTC) despite his fund’s recent struggles.
in a new interview With CNBC, the hedge fund veteran says he still likes the best crypto asset by long-term market capitalization, even as SkyBridge faces a massive exodus of investors.
“There has been exponential growth in portfolios. There has been an exponential growth in bitcoin transactions… And I think over time bitcoin will be a peer-to-peer transaction railroad for much of the economy. And there will be underlying technologies like Ethereum or maybe Algorand that will also be part of it.
So when I look at technology, study technology, I find it hard to believe that it’s not going to be part of our future.
However, Scaramucci admits Bitcoin may have been a short-term mistake, but note that it measures investment on a four-year scale.
“In the short term, it was a mistake. But remember that everyone is a long-term investor until they suffer short-term losses. I want to measure bitcoin investment over a four year interval.
Scaramucci then said SkyBridge bought its BTC stash at $18,000, around $4,600 lower than what the crypto king is trading at the time of writing, emphasizing that investors should think about staying.
“Everyone is going through a different situation. We have the worst market crisis since 1970, the first half of the year [has been the] worst since 1970. I think for us, with Bitcoin down 50% on the year, we had a large position in Bitcoin.
The irony of our position is that we bought Bitcoin at $18,000, so they went to $69,000 [and] traded at $22,000. Of course, you take the money up and the money goes down. So I would like people to recognize that and keep calm and be with us.
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