Connect with us

Anthony Scaramucci

Anthony Scaramucci Reveals Buying Crypto During Crash, Suggests Staying Disciplined

Published

on

Anthony Scaramucci Reveals Buying Crypto During Crash, Suggests Staying Disciplined

Many crypto investors have sold their assets due to the ongoing market volatility. However, the effects of the crash are still reverberating across all the exchanges and crypto firms.

Some lost liquidity and couldn’t sustain users’ demands, while others downsized their staff capacity. Some investors seized the chance to add to their crypto portfolio amid the chaos. An example of such a future-oriented investor is Anthony Scaramucci.

Scaramucci has revealed that SkyBridge Capital, his firm increased its ETH and BTC volume during the crash. So when others scrambled to sell off to avoid losing all, this firm was busy stacking up for the future.

Related Reading | XRP Consolidates, Is It Going To Retrace Now?

Advertisement

According to Scaramucci, investors should discipline themselves more during the havoc instead of panicking. He pointed out that if Amazon could survive its winter 20 years ago, crypto top contenders would overcome this winter too.

Staying Discipline Is The Key In Crypto

The market reports are not looking good at all. Data shows that June 14 was the worst of the days as most cryptos declined terribly. Right now, the bloodbath keeps deepening, and even the number one crypto BTC fell lower than its records in Q4 of 2020. Ethereum (ETH) is also not doing good as it has slumped lower than its 2018 ATH

These incidents create a lot of fear and panic in the industry. But for Scaramucci, staying disciplined was the best option amid the chaos. He made this stance known during an interview.

Scaramucci has always been a strong supporter of bitcoin. Right now, even when the signs are not positive, he believes that crypto top projects like BTC will rebound like Amazon Stock after the storm. According to Scaramucci, Bitcoin has recently dominated the entire crypto market to higher levels. So, there’s hope it will rebound.

The crypto market shows a sign of recovery | Source: Crypto Total Market Cap on TradingView.com

Regarding the reasons for the continuing downward trend, Scaramucci blames it on the actions taken by both Celsius and Terra during the fall in price. To avoid things like that, the financier advises investors to avoid leverage but stay long.

Advertisement

Related Reading | Bitcoin Amidst Relentless Sell-Off; Is It Targeting $13,000 Now?

Scaramucci initially warned investors to be careful when scaling their Bitcoin investments. But, according to his strategy, they should never forget that crypto is here to stay and, as such, must be allocated the right size when investing.

Does Discipline Involve More Investment?

During the interview, Scaramucci was asked his reasons for buying more BTC and ETH. Was the move a part of the discipline he recommends? To answer that, the financier said that stacking up is a part of the discipline.

He believes that after the storm has passed, many people would wish they had bought into the dip instead of playing too safe.

Featured image from pexels, chart from TradingView.com
Advertisement

Anthony Scaramucci

Skybridge Founder Advises How To Survive Crypto Bear Market — ‘We Are In A Bloodbath’

Published

on

Skybridge Founder Advises How To Survive Crypto Bear Market — ‘We Are In A Bloodbath’

Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto investors on how to survive a bear market and a crypto bloodbath.

Scaramucci on How to Survive Crypto Bear Market

Skybridge Capital founder Anthony Scaramucci shared his bitcoin outlook and advice on how to survive the crypto market sell-off in an interview with CNBC Monday.

“We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined:

Advertisement

I am encouraged by the fact that bitcoin is above 50% of the overall crypto market cap right now, which is another sign that there is a flight to quality there.

“Of course, Celsius is putting pressure on it — the same way that the LUNA terra situation put pressure on it about six weeks ago,” he continued.

Crypto lending platform Celsius announced Sunday night that it has frozen withdrawals while cryptocurrency terra (LUNA) and stablecoin terrausd (UST) imploded in early May.

The Skybridge executive proceeded to give some advice to investors to help them survive the crypto bear market. He began by recommending people to “stay unlevered but keep to your long-term investment disciplines.”

Scaramucci described: “Everybody has a long-term perspective until they have short-term losses … then they start to set their hair on fire and run around in a circle.” He said:

I’m just cautioning people to buy quality and be unlevered, and stay disciplined.

He added that investors should “Recognize that bear markets happen,” adding that “they probably happened one out of every five years if you look at it over the last 120 years.” He noted: “If you stay disciplined during those periods of time, you got yourself very wealthy, and I think that’s the message for investors.”

Advertisement

Scaramucci was specifically asked whether staying disciplined means buying in a down market like what’s going on Monday.

He replied:

I certainly think so. With incremental cash that comes into our fund we have bought more bitcoin and ethereum.

He added that his company has a private stake in cryptocurrency exchange FTX, noting: “FTX is doing very well. It’s gaining market share, and it’s a profitable company.”

The executive opined: “The truth be told, people will look back on this debacle and say I wish I had fresh cash to buy into that.”

Commenting on the collapse of some coins such as LUNA and UST, Scaramucci noted: “There’s over 8,000 coins … Many of these projects are going to trade to zero. There will be five to 15 coins that we think are going to be use cases for the future.” He stressed:

Advertisement

Certainly, a lot of these coins are going to get wiped out.

What do you think about Anthony Scaramucci’s advice? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Anthony Scaramucci

Skybridge Capital: We Are ‘Extremely Bullish’ On Crypto

Published

on

Skybridge Capital: We Are ‘Extremely Bullish’ On Crypto

Skybridge Capital, a $3.5 billion asset management firm, is “extremely bullish” on the crypto sector, says an executive of the firm. “For us, we think the cryptocurrency markets represent tremendous growth.”

‘The Cryptocurrency Markets Represent Tremendous Growth’

Two executives of Skybridge Capital — founder Anthony Scaramucci and director John Darsie — talked about the firm’s crypto outlook in an interview with Bloomberg ahead of SALT, a global thought leadership forum, this week.

Scaramucci explained that almost half of Skybridge’s asset under management is linked to crypto assets, including bitcoin, the Algorand protocol, Ethereum, and publicly traded, crypto-related stocks.

Advertisement

Noting that his firm expects the crypto focus to triple its assets under management from $3.5 billion to $10 billion, he said:

We feel so strongly about this opportunity that we’ve adapted and repositioned the firm to eventually be a leading cryptocurrency asset manager and adviser.

“For us, we think the cryptocurrency markets represent tremendous growth,” he noted.

Darsie, director of business development at Skybridge Capital, commented:

We obviously are extremely bullish on the sector.

“So what we decided to do was a portion of that capital that was previously allocated to credit managers was invested directly into crypto assets like bitcoin and Ethereum — but then also rotate capital into crypto-asset managers like Multicoin, Polychain, Pantera, people of that nature,” he elaborated.

Commenting on how the Securities and Exchange Commission (SEC) is regulating the crypto sector, Scaramucci opined: “They won’t over-regulate the crypto space, they’re certainly not going to under-regulate it.”

Advertisement

Regarding how the SEC has denied all proposals for bitcoin spot exchange-traded funds (ETFs) so far, the Skybridge founder stressed: “We think we’re early. So if we’re right, and you get a cash ETF, that opens the floodgates for more institutional and retail investing.” Skybridge’s application for a bitcoin spot ETF was rejected by the SEC alongside Fidelity’s and several others.

Scaramucci explained: “I think the SEC is taking the position that because the cash trading of bitcoin is happening all over the world, they don’t have a one-market clearing for all buys and sells. So they’re worried about price manipulation.” He concluded:

Over time, because of the transparency of the markets, I think they’re going to get more comfortable with it.

The Skybridge founder has predicted that bitcoin will reach $100K and will eventually trade at $500K a coin. He also expects BTC to become legal tender in many Latin American countries.

Tags in this story

Anthony Scaramucci, Bitcoin, Crypto, Crypto regulation, Cryptocurrency, John Darsie, SEC, Skybridge, skybridge bullish bitcoin, skybridge bullish crypto, Skybridge Capital

What do you think about the Skybridge executives’ comments? Let us know in the comments section below.

Advertisement

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Anthony Scaramucci

Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs

Published

on

Possible Timelines For Bitcoin To Hit $100k: Why CEOs See Bullish Signs

After bitcoin broke above the $45k resistance level reaching the $48k mark, it has retested the $45k level. Some analysts still expect a rise to above $50k, others have abandoned their bullish approach. Meanwhile, leading CEOs from Pantera Capital and Skybridge Capital remain positive that the coin will reach the $100k mark in a period of one to two years.

Bitcoin trading at $45,754 in the daily chart | BTCUSD on TradingView.com

Pantera Capital CEO Is ‘Wildly Bullish’

In an interview with Yahoo Finance, the CEO of Pantera Capital Dan Morehead commented on Bitcoin’s price action so far in the year. Morehead noted that within the history of Bitcoin cycles, it’s had six previous bear markets that average about 60%, and 2022’s has been 50%.

In his opinion, the bitcoin cycles will begin to moderate thanks to large institutional engagement, and “a 50% bear market is probably all you’re going to get going forward.”

I think we’re either at the lows or very close to it.”

Morehead said he is “wildly bullish right now” because he believes that Bitcoin and the asset classes will decouple, noting that the high correlation that usually happens during periods of stress –similar to 2022’s turmoil– eventually breaks, usually after a 72-days average. “I think stocks and bonds may keep going down potentially for years, whereas blockchain assets can go up.“

Advertisement

Morehead accepted that Pantera Capital failed to predict how fear over the Fed’s rates rising would affect the crypto market, but believes that “in this case, the markets have it wrong, and blockchain will decouple from the other asset classes.”

If you think about it, with rates rising, that is mathematically negative for bonds. It also has a negative impact for anything else with discounted cash flows like equities or real estate, but blockchain’s totally independent of rates.”

In his forecast, Morehead expects that six months from now bitcoin will be back to the typical 2.5X yearly growth that it’s been doing for 11 years. If so, then in a year Bitcoin could be worth about $100,000 per coin.

Scaramucci Sees a $500k Bitcoin

Similarly, in an interview with CNBC, the CEO of Skybridge Capital Anthony Scaramucchi predicted again that “Bitcoin will hit $100k in the next two years” based on adoption growth.

Scaramucchi quotes Glassnode claiming that “there’s probably 245 million wallets out there or accounts related to Bitcoin,” while in October-November of 2020 there were about 85 million wallets. The CEO believes the growing adoption turns into people being more confident in the coin.

“Somebody like Cathie Wood would say to you, a billion wallets, Bitcoin could easily trade to $500,000 a coin.”

While Scaramucchi’s predictions from 2021 were not spot on, he accepts that he failed to anticipate the Russo-Ukrainian war and the elongation of COVID, but he sees no reason for Bitcoin not to hit the $100K mark within two years “given the way it’s scaling globally” and its many use cases.

Advertisement

Related Reading | Will Strike Announce A Partnership With Apple At Bitcoin 2022? Here’s The 411

A Bullish Pattern

Meanwhile, analyst Yuriy Bishko believes that BTC follows a Wyckoff re-accumulation pattern. The Wyckoff market cycle theory is used to predict the market’s direction, and it supports the idea that prices move in a cyclical pattern of four phases: accumulation, markup, distribution, and markdown.

These phases can reflect the investors’ behavior, thus possibly predicting future price movement.

Within the Markup phase price action moves in a long uptrend, and the re-accumulation phase is a sideways range that interrupts Markup with small consolidation patterns. After re-accumulation, prices start to move higher, but the support zone needs to hold strongly. Note the example shared by a pseudonym analyst:

Advertisement

Like so, Bishko believes that Bitcoin is following this same pattern, currently entering Phase D. If true and the price continues to replicate the movements, it could retest an ATH.

“Globally, Bitcoin is in a larger consolidation channel with a range of $30-67K. This consolidation is not a bear market until the price creates lower lows. Right now we see on the chart higher highs (HH) and higher lows (HL) on the higher timeframes(1d,1w).”

Related Reading | Data Shows Bitcoin Investors Afraid To Take Risk As Leverage Remains Low

Advertisement
Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email