SkyBridge Capital Goes All-in, and Remains “Extremely Bullish” on Crypto
Although and the broader crypto market have largely been on the decline since the start of 2022, the founder of SkyBridge Capital, Anthony Scaramucci, remains extremely bullish on the future of crypto.
SkyBridge to Become a Leading Crypto Asset Provider
In an interview before the annual SkyBridge Alternatives Conference (SALT), which will be held this week, Anthony Scaramucci explained that the hedge fund is repositioning itself to “eventually be a leading cryptocurrency asset manager and adviser:”
Anthony Scaramucci stated:
“We made a decision during the pandemic that we had to relitigate our entire portfolio. There’s a pre-pandemic world and a post-pandemic world, and a post-pandemic world has a lot more government deficits—it has a lot more uncertainty related to growth.”
According to John Darsie, SkyBridge’s director of business development, the firm made the decision to focus on crypto because of a “huge drawdown in the credit portion” of the firm’s hedge fund manager portfolio.
SkyBridge Bets on ‘Tremendous Growth’ for Crypto
Despite acknowledging the asset class’s volatility, Scaramucci asserted that, over the next three to five years, SkyBridge will lean further into the trajectory of crypto.
He underlined that, for SkyBridge, “we think the cryptocurrency markets represent tremendous growth. Darsie added that SkyBridge is “obviously extremely bullish on the sector.”
On the Flipside
- Prior to his bullish comments about Bitcoin, Scaramucci had raised concerns about some “absolutely despicable” US politicians that could hamper the growth of the local sector.
Why You Should Care
Skybridge manages a $7 million Bitcoin Fund, and has been working to obtain approval from the SEC for a spot BTC exchange-traded fund (ETF).