SkyBridge founder Anthony Scaramucci still likes Bitcoin “Long Term” despite the fund’s current difficulties
SkyBridge Capital founder Anthony Scaramucci says he remains a long-term Bitcoin (BTC) believer despite the fund’s recent struggles.
In a new one interview with CNBC, the hedge fund veteran says he still likes the largest crypto asset by market capitalization over the long term, even as SkyBridge faces a mass exodus of investors.
“There has been an exponential growth in wallets. There has been an exponential growth in transactions on Bitcoin… And I think over time, Bitcoin will be a peer-to-peer transaction rail system for a good portion 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 the technology, study the technology, I find it hard to believe that it won’t be part of our future.”
However, Scaramucci admits Bitcoin may have been a short-term failure, but notes that he measures the 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 have short-term losses. I will measure the Bitcoin investment over a four-year interval.”
Scaramucci then says that SkyBridge bought the BTC holdings for $18,000, about $4,600 less than what the royal crypt is trading for at the time of writing, and emphasizes that investors should think about holding on.
“Everyone has 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 big position in Bitcoin.
The irony of our position is that we bought Bitcoin at $18,000 so they went to $69,000 [and] traded back to $22,000. Of course you take money at the top and money goes at the bottom. So I wish people would realize that and be calm and be with us.”
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Featured image: Shutterstock/Mia Stendal
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