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Scaramucci’s SkyBridge bets on $35k bitcoin, targets credit

diffrint by diffrint
January 16, 2023
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Is a Bear Market Imminent? How Low Could BTC Fall?
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By Divya Chowdhury and Lisa Pauline Mattackal

DAVOS, Switzerland, Jan 16 (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the agency’s founder Anthony Scaramucci mentioned, whereas admitting this view was “overly bullish”.

“If bitcoin may commerce again to $35,000, SkyBridge goes to have a tremendous yr,” Scaramucci advised the Reuters International Markets Discussion board in Davos, Switzerland.

January’s crypto rally could possibly be sustained as 2023’s “halving”, when the variety of new bitcoins launched is reduce in half, will constrain provide and drive costs larger, he mentioned.

Bitcoin is buying and selling at round $20,800, a 26% achieve thus far this yr after falling by greater than 64% in 2022.

SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and can also be eyeing the structured credit score market to drive 2023 returns after the agency’s losses in 2022.

“Structured credit score, mortgage-backed securities, bank card debt, auto loans — that is a beautiful house once more,” Scaramucci mentioned. As of final September, his agency managed $2.2 billion, together with $800 million in digital asset-related investments.

Scaramucci confirmed that SkyBridge hopes to purchase again a 30% stake from FTX earlier than the center of the yr, however the timeline is unsure because the cryptocurrency trade’s chapter course of unfolds, he mentioned. (Be part of GMF, a chat room hosted on Refinitiv Messenger: https://refini.television/33uoFoQ) (Reporting by Divya Chowdhury in Davos; Extra reporting by Nishara Karuvalli Pathikkal in Bengaluru; Modifying by Alexander Smith)



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