SkyBridge Capital founder Anthony Scaramucci says he’s still a long-term Bitcoin (BTC) believer despite his fund’s recent struggles.
In a new interview with CNBC, the hedge fund veteran says he still likes the top crypto asset by market cap in the long term even though SkyBridge is facing a mass exodus of investors.
“There’s been an exponential growth in wallets. There’s 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 part of the economy. And there will be underlying technologies like Ethereum or perhaps Algorand that will also be a part of that.
So when I look at the technology, study the technology, I find it hard pressed to believe it won’t be a part of our future.”
However, Scaramucci admits Bitcoin may have been a short-term mistake but notes he’s measuring the investment on a four-year scale.
“Short-term it was a mistake. But remember everybody’s a long-term investor until they have short-term losses. I want to measure the Bitcoin investment over a four-year interval.”
Scaramucci then says SkyBridge bought its stash of BTC at $18,000, about $4,600 less than what the king crypto is trading for at time of writing, highlighting that investors should think about sticking around.
“Everyone is having 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 ironic thing about our position is 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 leaves at the bottom. So I wish people would recognize that and stay calm and be with us.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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