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Skybridge Capital Founder: The Time to Invest in Crypto Is Now
Anthony Scaramucci says long-term investors should keep a three- to five-year time frame and ignore day-to-day price movements.
Updated May 9, 2023, 4:06 a.m. Published Jan 18, 2023, 8:20 p.m.
Bitcoin's price could be nearing its bottom point so the time to invest in it may be now, Anthony Scaramucci, founder of asset manager SkyBridge Capital, said Tuesday.
Speaking to CoinDesk TV’s “First Mover” from the World Economic Forum’s annual conference in Davos, Switzerland, Scaramucci said long-term crypto investors need to keep a three- to five-year outlook and not dwell on day-to-day performance.
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“I’m encouraging people to invest now,” Scaramucci said. “We’re closer to a bottom than we are to another top.”
Scaramucci’s firm, which has $2.2 billion in assets under management, had a $45 million tie to failed crypto exchange FTX when founder Sam Bankman-Fried bought an estimated 30% stake.According to Scaramucci, SkyBridge then bought $10 million worth of FTX’s native token, FTT, which it later sold at an estimated $9.6 million loss. He did not say when the FTT was sold.
Skybridge is now considering whether to buy back its shares from the failed FTX. Scaramucci said he hopes his company will hope to do that “by the middle of this year,” even though he said Bankman-Fried “never affected the way the [SkyBridge] business was run.”
While FTX’s bankruptcy proceedings continue, Scaramucci said his company is “not doing anything but moving forward.” Although Bankman-Fried turned “out to be a fraud,” Scaramucci said he isn't going to blame him for the “woes of SkyBridge or the cryptocurrency markets.”
History “may not repeat itself exactly, but you and I both know that it rhymes. And there are no new stories. They're just remixes of past stories,” he said.
Nonetheless, Scaramucci said he is “very optimistic about the cryptocurrency space.”
“We’re very bullish,” Scaramucci said. “I don’t think you can predict these markets [in the] short term.”
Read more: Scaramucci Says Investment Firm SkyBridge Is Exploring Buying Back Equity From FTX
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