Skybridge Capital has reported exceptional performance in their cryptocurrency investments, posting a 130% rise, as per comments from the company’s founder Anthony Scaramucci.
What Happened: During a conversation with Bloomberg on Monday, Scaramucci said, “Our Coin Fund, which has things like Bitcoin BTC/USD, Ethereum ETH/USD, some Solana SOL/USD, things like that, is up about 130%. Obviously, our Bitcoin funds are probably up 127%. These are returns as of last night. But listen, I had a difficult year last year. So I say all of those numbers with great humility.”
Scaramucci predicts continued growth, driven by global adoption and an increase in digital wallets, “I think the exponential growth of wallets and the exponential adoption of Bitcoin globally, is going to push prices higher into 2024.”
He recommended conservative crypto exposure to individual investors, consistent with Skybridge’s initial approach. “Our starting point was 5%. As it relates to an individual investor…I say, 1% to 3%, if you’re going to be aggressive, possibly 5%.”
He added, “Even if we get rug-pulled by someone like [SEC Chair] Gary Gensler…I don’t really think it’s gonna matter.”
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Why It Matters: When asked how much Skybridge has committed or invested in Bitcoin, Scaramucci responded, “Well, the problem is, if you put a 5% position on it and it goes to say up 130%, you’re sitting with a 12 to 13% position. And so then the real question is, do you cut your position as a result of the fact that it’s growing, and that’s reminiscent of what Warren Buffett once said, ‘I wouldn’t trade my Michael Jordan for five other players and call it diversification.’”
Scaramucci also responded to JP Morgan CEO Jamie Dimon‘s remarks on Bitcoin. “He’s one of the smartest people in the industry. So he obviously knows he couldn’t shut [cryptocurrency] down. It’s a fully decentralized network,”
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $41,564, down 0.51% in the last 24 hours, according to Benzinga Pro.
Watch Anthony Scaramucci’s recent interview on The Raz Report below.
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Photo by World Economic Forum on Flickr