SkyBridge founder Anthony Scaramucci expects Bitcoin (BTC) and other cryptocurrencies to be the main highlights among variable income assets this year. Are your prophecies being fulfilled?
Investor sentiment has turned positive as the price of bitcoin is up more than 40% in 2023. The fear and greed index rose above 50 for the first time since April last year.
Looking at the recent rally, Anthony Scaramucci believes that “there will be a rebound in the market.” SkyBridge Capital, an SEC-registered investment advisory firm, has more than $2.2 billion in assets under management.
Scaramucci predicts the rise of risky assets
According to an article published by Bloomberg, Scaramucci believes that the Fed (Federal Reserve) will beat inflation once it hits the 4% to 5% mark, rather than waiting for 2%. The Fed aggressively raised interest rates in 2022 from 0% to 4.5%. If inflation falls to the target, the institution can change its interest rate policy.
According to the manager: “If I’m right, there will be a resurgence in the market. There will be a lot of hedging shorting in cryptocurrencies and there will be a renaissance in risk assets.”
According to a CNBC article, the founder of SkyBridge Capital believes that 2023 will be the year of the Bitcoin recovery. He predicts that the cryptocurrency will trade between $50,000 and $100,000 within a few years. Like many industry experts, Scaramucci also predicted that Bitcoin would reach $100,000 by the end of 2021, which did not materialize as the maximum value reached was $69,000.
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FTX Ventures acquired a 30% stake in SkyBridge Capital in a $40 million deal two months before declaring bankruptcy. The asset manager bought $10 million worth of FTT tokens from this funding, but had to sell them at a loss of $9.6 million.
Anthony Scaramucci acknowledged the investment was bad and said he wouldn’t be ashamed of it. “I wouldn’t be the one who wouldn’t take more risks in the future because Sam burned me,” says SkyBridge Capital founder.
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