Tag: Scaramucci

Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

by NEWSBTC

A statement from Anthony Scaramucci has revealed the total crypto worth of an Alternative investment firm in Australia’s SkyBridge Capital. He stated that SkyBridge holds crypto worth $700 million presently.

The alternative investment firm has filed for a cryptocurrency company ETF which simply means a crypto-based exchange-traded fund.

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They did this on Tuesday, aiming to increase their digital currency offerings. SkyBridge Capital also revealed its plans for the Algorand fund during the SALT conference held within the week in New York.

SkyBridge Crypto Assets Worth

SkyBridge founder Anthony Scaramucci while addressing CNBC, stated that the firm raised over $100 million for the new Algorand fund. Anthony was also the former Director of White House Communications. It was Scaramucci who valued the company’s crypto-assets to be about $700 million.

The CEO reaffirmed that crypto has come to stay. However, he added that if regulations plan to fan the increasing adoption of digital asset technology, they should take quick action.

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Anthony explained the crypto adoption as similar to Uber, which the regulators planned to knock out of the system. But the people later won because they accepted its use. He predicts that the United States will start recording up to 200 million crypto users in no distant time.

The SkyBridge CEO made these comments when spectators were concerned about having a regulatory crackdown maned by SEC.

Gary Gensler, the head of SEC, had characterized the crypto sector as rife associated with abuse and fraud. But Anthony Scaramucci, despite his disagreement, appreciated Gary for his stake in crypto.

He explained that Gary had many people that are yet to understand crypto in Congress fully. As a result, they have a lot of negativity, and he will call on elites like Elizabeth Warren to attend such a conference.

However, sitting with members of the industry will make her understand the protocols better. Anthony suggests that the need to carry everyone alone by educating them.

Other Finance Magnates Opinion

Other finance lords in their speech didn’t share Anthony’s optimism. Instead, they doubted the possibility of crypto adoption outrunning the grip of strong-handed regulations.

Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin

Ray Dalio predicted that as the digital assets popularity increases, it would attract the attention of lawmakers.

Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund


ALGO is currently down by 4% at the time of writing | Source: ALGOUSD on TradingView.com

However, while speaking to CNBC, he said that even if the crypto adoption successfully increases, the lawmakers will kill it. He believed that lawmakers would succeed in killing it as they have their ways of doing so.

Dalio explained that every monetary asset that offers a cash alternative is worth considering, including Bitcoin.

Featured image from Finance Magnates, chart from TradingView.com

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Bitcoin ‘better than gold’ if you study it, fund manager tells mainstream media

by Cointelegraph

Bitcoin (BTC) is superior to gold if investors take the time to study it, says hedge fund manager Anthony Scaramucci.

In an interview with CNBC on March 18, Scaramucci, who is CEO of SkyBridge Capital, reinforced his belief in Bitcoin for mainstream audiences.

Scaramucci on Bitcoin vs. gold: “The world is changing”

With Bitcoin surging in 2021, questions continue to be asked about whether the gains are coming at the expense of gold, which has failed to capitalize on risks associated with global government money printing.

Comparing the two assets, Scaramucci left little doubt as to his preference, arguing that gold may have been the choice for a store of value for 4,000 years, but nothing is forever.

“The world is changing — that’s the final record, Joe, the world is changing,” he told host Joe Kernen.

$1 invested in gold vs. Bitcoin over 11.4 years. Source: Woobull

The comments fly in the face of staunch gold bugs, notably Peter Schiff, who remains convinced that Bitcoin will fail, leaving gold as the sole choice to escape the perils of central bank economic policy.

Continuing, Scaramucci stressed that Bitcoin fulfilled the role of money as technology — a central argument among Bitcoin proponents such as “The Bitcoin Standard” author Saifedean Ammous.

“In a lot of ways, if you study it, it’s better than gold. It’s easier to store, you can move it around more quickly, and that value — that trusted network — is growing.”

XAU/BTC 1-day candle chart. Source: Tradingview

“The accurate narrative”

SkyBridge made headlines when it launched a BTC fund in December 2020, at a time when Bitcoin’s price was in the midst of one of its parabolic surges towards $30,000.

Since then, the institutional trend has merely accelerated. This week, Morgan Stanley became the first major bank to offer clients exposure to Bitcoin funds.

As Cointelegraph additionally reported, Robby Gutmann, CEO of fund provider NYDIG, hinted that this week would form the start of a slew of adoption announcements, which would be “game-changing” in nature.

“Investors are getting hammered by mainstream media with the accurate narrative — bitcoin is superior to gold,” Anthony Pompliano, co-founder of Morgan Creek Digital, responded to Scaramucci, praising his efforts.