Tag: ANTHONY SCARAMUCCI

Scaramucci’s Skybridge Capital to Launch Venture Fund for Web3 & Crypto Investments

by Blockchain News

On Wednesday, Anthony Scaramucci’s global alternative investment firm SkyBridge Capital announced that it plans to launch a fund for web3 and crypto startups in September.

The fund will mix traditional venture and growth equity and be open to accredited investors. The venture and growth equity-style fund will mainly invest in privately held web3 financial technology firms and growth and late-stage crypto firms.

SkyBridge plans to announce the venture fund at its annual Salt conference on September 12.

According to the announcement, as cited by sources familiar with the matter, the fund aims to be at the forefront of decentralised finance, which is in line with Scaramucci’s vision. As per the report, SkyBridge will focus on firms trading at discounts on the secondary market and companies that continue raising primary rounds.

Early this year, SkyBridge, a major traditional fund manager, shifted its attention to cryptocurrency.  

Market Volatility Hitting Capital Investments

The plan to roll out the venture fund comes a few days after SkyBridge joined a growing list of firms that have halted withdrawals from one of its crypto-exposed funds.

On 19th July, SkyBridge suspended withdrawals from its Legion Strategies Fund because of its crypto exposure.

Legion Strategies manages about $250 million, of which only 18% or around $45 million is dedicated to investments related to cryptocurrencies. The Legion Strategies Fund is exposed to crypto through investments in the Sam Bankman-Fried-led FTX exchange, along with exposure to Bitcoin, Ethereum, and Algorand.

SkyBridge founder Anthony Scaramucci stepped in and assured clients that no assets were at risk for liquidations and said the suspension was only temporary.

Scaramucci said the board had voted to temporarily suspend withdrawals because the fund faced difficulties selling private stocks, which comprise around 20% of the fund’s portfolio.

Amid the current market volatility and other inflationary pressures, private company stocks have become difficult to sell. One of the fund’s private investments is in the FTX cryptocurrency exchange.

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SkyBridge Capital’s Crypto Pivot Looks to Triple its Assets

by Blockchain News

Hedge fund SkyBridge founder Anthony Scaramucci said he plans to shift the pace of SkyBridge Capital’s investment to virtual digital assets, according to Bloomberg.

SkyBridge is a global multi-asset class alternative investments firm, specializing in hedge fund solutions and opportunistic investment vehicles.

According to Scaramucci, nearly half of SkyBridge Capital’s $3.5 billion in assets under management is currently invested in cryptocurrencies such as Bitcoin, the Algorand protocol, and Ethereum or related projects.

SkyBridge predicts that cryptocurrencies can help companies triple their assets to $10 billion, with digital assets accounting for the vast majority.

Anthony Scaramucci said in an interview that:

“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.”

The hedge fund, founded by former White House Communications Direction Scaramucci, has a Bitcoin Fund, which demands a buy-in of at least $50,000. The Bitcoin Fund grew rapidly to a size of $370 million within weeks of its launch in December 2020.

The SkyBridge executives claimed that holding Bitcoin is far less risky nowadays than it was a few years ago when regulations and infrastructure were still underdeveloped.

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Bitcoin On Its Way To $500,000? Anthony Scaramucci Explains How

by NEWSBTC

Bitcoin at $500,000 is a trend that is growing more popular among large investors. Stakeholders in the crypto space like Cathie Wood have expressed that they believed the digital asset could make the half a million-dollar point. Naturally, they do not expect this to happen in one or two years but do believe that it is an inevitable end for the pioneer cryptocurrency.

Anthony Scaramucci, the famed CEO of SkyBridge Capital, has revealed that he, too, shares this forecast for the cryptocurrency. Scaramucci gives his reasons and timeline for this in a recent interview with Kitco News.

Bitcoin Headed To $500K

Scaramucci shared with Kitco News that he sees the price of bitcoin hitting the $500,000 mark. Basically, the reason for this falls on the adoption trend of the digital asset. This trend has been compared to that of the internet in the ‘90s, which saw accelerated growth triggered in the next decade. BTC has been on a more accelerated timeline, so the next five years would spell exponential growth if it sticks to its current trend.

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This accelerated adoption has led the digital asset’s value to grow very fast in a short time. Its growth on the four to five-year chart shows unprecedented levels of growth for bitcoin.

Related Reading | ‘Bitcoin Rush’: Small-Time Solo Miners Strike Gold With Full BTC Blocks

“Bitcoin has had at least 50% decline 10 times since 2012,” said Scaramucci.” In the last year, we’ve had two 50% declines, obviously the most recent one but also one in May of 2021, so if you’re long Bitcoin, you have to subject yourself to this type of volatility move.”

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Scaramucci, however, did not provide a timeline for when he believes that bitcoin’s price will ultimately hit the $500,000 mark.

The Downtrend Won’t Last

Scaramucci also touched on the recent downtrend that bitcoin and the market at large had been experiencing. Losing a lot of value in a short amount of time is not new to the market due to its highly volatile nature and the CEO explained that this is nothing to be worried about. The CEO told Kitco News that the current downtrend will not last and bitcoin will recover.

Bitcoin price chart from TradingView.com

BTC trading north of $37,000 | Source: BTCUSD on TradingView.com

He also emphasized the need for looking towards the long term. Adding that those who hold for the long-term will end up with the most reward, comparing bitcoin to the years that Amazon stock was in a downtrend.

Related Reading | 30,000 Bitcoin Holders Lose Millionaire Status Following Market Crash

“I’ll just point out that people in Web 1.0, if the same sort of situation happened for Amazon and if you were wise enough and disciplined enough to hold Amazon and let that company take full advantage of the network effects associated with it, you did very well, and I think that’s going to happen with Bitcoin,” the CEO said.

As for what triggered the sell-off that started the downtrend, the CEO said it is hard to tell. However, the digital asset is “now very tightly correlated with the higher growth, higher risk Nasdaq stocks.”

Featured image from TIME, chart from TradingView.com

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Anthony Scaramucci Urges Bitcoin Holders To Think Long-Term As Downtrend Won’t Last

by NEWSBTC

The bitcoin downtrend has no doubt rocked investors to their core. This is evidenced by the decline of the Fear & Greed Index into the extreme fear territory, reaching as low as 11 on the scale. Investors, understandably, are wary of the market and what the next few weeks, and by extension, months, may hold for them. If this is the beginning of a bear market, then there could be another two-year wait to the next bull rally.

Anthony Scaramucci has however urged bitcoin investors not to despair during this time. Despite the market crash that sent the digital asset to six-month lows, Scaramucci, who is the CEO of Skybridge Capital, has told investors to look towards the long-term when investing in bitcoin.

The Bitcoin Crash Is Temporary

The CEO was on CNBC’s Squawk Box to talk about the crypto market. In this interview, Scaramucci shared some insight into how he viewed the market and the current crash, which he does not believe is a cause for alarm. He urged bitcoin buyers to take some time to cool off from the market, advising them to look toward long-term investing instead of what the market is doing right now.

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Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go

Holding bitcoin for the long-term has always been the mantra of bitcoin maximalists, who believe more in the future of the digital asset than what it is doing in the present. Scaramucci has resonated with this in his latest advice. The CEO explained that bitcoin investors need to buy the digital asset for the long-term, as well as other cryptocurrencies which he expects to do well in the future.

Bitcoin price chart on TradingView.com

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BTC trading north of $37,000 | Source: BTCUSD on TradingView.com

Scaramucci pointed to the fact that a lot of investors say that they are invested in the long-term but yet are fazed by what happens in the short term. “Everyone is a long-term investor until you have short-term losses, and then you start freaking out,” said the CEO. “Take a chill pill, stay long bitcoin, other cryptocurrencies like Algorand and Ethereum, and I think you’re going to be very well-served long-term in those investments,” he advised investors.

Forget The Dollar, BTC Is BTC

Currently, the value of bitcoin is derived from how much it sells when compared to the dollar. This is how investors measure their holdings and how well they are doing in the market. However, Scaramucci rejects this idea of valuing bitcoin in terms of dollar figures and urges investors to just look at the digital asset for what it is; bitcoin. For the CEO, BTC is BTC and the dollar is the dollar.

Related Reading | Bitcoin Whales Take Advantage Of Market Crash To Gobble Up Millions In BTC

He revealed that he tells clients of his investment firm SkyBridge Capital to invest in cryptocurrencies as long as they size it appropriately. “I don’t want my clients to miss this. I’m telling them to size it appropriately — that’s a 1% to 3% allocation, 1% to 4% at cost.” This is because the CEO believes that cryptocurrencies like bitcoin are inevitably going to be a part of the future.

Scaramucci also advised investors who get overly excited when they are investing in the market. He supports the idea of putting a small percentage of an investment portfolio into cryptocurrencies but cautioned against trying to lever digital assets like bitcoin due to its high volatility and the uncertainty that still clouds the digital asset. “It would be like levering Amazon back in 1998, ’99 and 2000,” the CEO warned.

Featured image from Vanity Fair, chart from TradingView.com

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Bitcoin Is an Early Adoption Technology Set for Volatile Growth Like Amazon Stock: SkyBridge Capital’s Anthony Scaramucci

by Dailyhodl

SkyBridge Capital founder Anthony Scaramucci says that Bitcoin (BTC) is an early adoption technology on track to trade like Amazon’s stock price in its early days.

In a new interview with CNBC, Scaramucci points to Amazon’s stock’s long-term profitability despite numerous periods of extreme price volatility.

“I lived through [the 2000 Nasdaq debacle], and many things got decimated, but quality things lasted.

You go back through Amazon as an example went through eight periods of time where it dropped at least 50% since its inception, yet if you had a $10,000 investment in Amazon on its IPO, it’s worth $22 million today.”

So, I think ultimately it’s about buying quality and recognizing that Bitcoin is not a store of value at this moment, it’s not technically a currency at this moment. But what it is is an early adoption technology, an early adoption technical story. With that, there’s going to come a lot of volatility.”

While Scaramucci doesn’t bother trying to predict where that volatility could lead Bitcoin in the short term, the hedge fund veteran still says he believes the overall trend for BTC is up.

“And, so, I wouldn’t have predicted what happened in 2021, [such as the] China mining shut down, but also the $3 billion of purchases by Elon Musk through his companies and his personal investing, and so this year I’m not going to be able to predict what’s going to happen, but I’m willing to venture that more people will own Bitcoin on 12/31 of this year than they did prior.

And Bitcoin is going to have, in my opinion, half a billion wallets, possibly a billion wallets as we get to 2024. So people should ride this stuff out. I think it’s nonsensical to expect just an asymmetric 45-degree line in any story as new as Bitcoin.”

Bitcoin is trading at $37,283 at time of writing, rebounding over 8% on the day.

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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 loses 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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‘Clear skies’ for Bitcoin price discovery if giant $70K BTC sell-wall is scaled

by Cointelegraph

Bitcoin (BTC) is clinging to $68,000 on Nov. 9 after traders declared it “clear for take-off” and ready to begin further price discovery.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin approaches “Great Wall of Finex”

Data from Cointelegraph Markets Pro and TradingView has tracked a second night of impressive gains in a row for BTC/USD.

The pair spent most of Sunday at near $62,000, but is now up a total of 11.4% in just over two days — including a new all-time high of $68,564 on Bitstamp.

“BTC highest weekly close ever after consolidation. We are clear for take-off,” popular trader Pentoshi forecast as the week began.

Filbfilb, co-founder and analyst at trading platform Decentrader, also built on existing bullish convictions, noting that Bitcoin was now tackling what he called the “Great Wall of Finex” — a large sell wall on exchange Bitfinex around $70,000 contrasting recent heavy whale accumulation.

Break this, and further upside potential increases considerably. End-of-month predictions of up to $98,000, just days ago pronounced all but impossible to achieve, are at the same time coming back to the table.

2021, while closely tracking behavior seen in both the 2013 and 2017 bull markets, remains comparatively modest when compared to the velocity of gains that followed Bitcoin’s two previous block subsidy halvings.

Investors “trying to get orders in” for more BTC

Institutional demand for Bitcoin, even at all-time highs, shows no signs of abating ahead of a possible spot price exchange-traded fund (ETF) launching in the United States.

Related: Ethereum back in price discovery as ETH approaches $5K

“$70k on Bitcoin coming up,” SkyBridge Capital CEO Anthony Scaramucci added Tuesday, hinting that he was still a buyer in the market.

“Large institutional demand has finally arrived. Trying to get in orders before 2022.”

Bitcoin vs. gold chart. Source: Woobull

Amid an inflationary environment, Bitcoin’s appeal over gold as hedge received a boost overnight, its market cap hitting 10.7% of gold’s.

On the sustainability of the current uptick, funding rates across exchanges are high but not unsustainable at the time of writing, with those on Binance actually lower than Monday.

BTC funding rates chart. Source: Coinglass