SkyBridge founder Anthony Scaramucci still likes Bitcoin “for the long term” despite his fund’s current struggles.
SkyBridge Capital founder Anthony Scaramucci says he’s still a longtime supporter of Bitcoin (BTC) despite his fund’s recent troubles.
In a new interview with CNBC, the hedge fund veteran says he still likes the top crypto asset by market cap over the long term, despite SkyBridge facing a mass exodus of investors.
“Wallets have grown exponentially. There has been exponential growth in bitcoin transactions… And I think over time, bitcoin will be a peer-to-peer transaction pipeline for much of the economy. And there will be underlying technologies like Ethereum or maybe Algorand that will be a part of that as well.
So when I look at technology, studying technology, I have a hard time believing that it’s not going to be part of our future.”
However, Scaramucci admits that Bitcoin may have been a short-term mistake, but notes that he 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 face short-term losses. I want to measure bitcoin investment over a four-year period.”
Scaramucci then says that SkyBridge bought its stash of BTC for $18,000, about $4,600 less than what the king was trading crypto for at the time of writing, stressing that investors should consider staying here.
“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 with bitcoin down 50% yoy we had a large position in bitcoin.
The ironic thing about our position is that we bought Bitcoin for $18,000, so they went up to $69,000 [and] traded back to $22,000. Of course you take money upstairs and money goes out downstairs. So I wish people would realize that and stay calm and be with us.”
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