Scaramucci opined that the SEC does not have a one-market clearing for all buys and sells, hence their concern for price manipulation.
Anthony Scaramucci has revealed plans to pivot his SkyBridge Capital hedge funds into the crypto industry.
The move is coming only a few days after the SkyBridge founder started a fund for Bitcoin mining, with $7 million already invested in bitcoin miner Genesis Digital.
Scaramucci’s interest in digital assets started during his time in Washington where he served as director of communications for the former US President Donald Trump.
Bloomberg reported that Scaramucci anticipates that focusing on crypto assets could be an enabler for tripling his firm’s assets to $10 billion, with crypto taking the chunk of those funds.
According to the reports, almost 50% of the SkyBridge $3.5 billion under management is tied to crypto assets like BTC, the Algorand protocol, ETH, and publicly traded crypto-based stocks. With this move, Scaramucci expects it to help reposition the firm as a leading crypto asset manager and adviser.
He stated:
“For us, we think the cryptocurrency markets represent tremendous growth. It comes with volatility, certainly, but I think over the three to five years, we’d like that trajectory.”
Supporting Scaramucci on this important transition, Darsie, SkyBridge Capital’s director of business development added that they “obviously are extremely bullish on the sector.”
Darsie went on to explain that while part of the capital that was formerly assigned to credit managers was invested straight into cryptocurrency assets such as BTC and ETH, the remaining was invested in digital asset managers such as Multicoin, Polychain, and Pantera, among others.
Speaking about the SEC regulation of the crypto department, Scaramucci observed that the Commission should not over-regulate the sector nor should they under-regulate it too.
Scaramucci Shares View on ETFs
On Bitcoin spot ETFs, he declared that his firm was early and if they are able to secure an ETF, then this would create a gateway for more institutional and retail investments.
You should recall that the SEC has refused to approve a number of Bitcoin spot ETF applications before it. The commission has cited the need to better protect investors from the volatile nature of the space.
Scaramucci opined that the SEC does not have a one-market clearing for all buys and sells, hence their concern for price manipulation. He continued that with the transparent nature of the markets, the SEC would eventually get more comfortable with the space.
Scaramucci has however forecasted that BTC would not only get to the $100K mark but could also trade as high as $500K per BTC. Before adding that the asset would gain more adoption in other countries.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
