Skybridge Capital: We Are ‘Extremely Bullish’ on Crypto

Crypto

Skybridge Capital, a $3.5 billion asset management firm, is “extremely bullish” on the crypto sector, says an executive of the firm. “For us, we think the cryptocurrency markets represent tremendous growth.”

“Cryptocurrency Markets Represent Considerable Growth”

Two Skybridge Capital executives – founder Anthony Scaramucci and director John Darsie – spoke about the company’s crypto outlook in an interview with Bloomberg ahead of SALT, a global thought leadership forum, this week.

Scaramucci explained that almost half of Skybridge’s asset under management is linked to crypto assets, including bitcoin, the Algorand protocol, Ethereum, and publicly traded, crypto-related stocks.

Noting that his company expects crypto focus to triple its assets under management from $3.5 billion to $10 billion, he said:

We feel so strongly about this opportunity that we’ve adapted and repositioned the firm to eventually be a leading cryptocurrency asset manager and adviser.

“For us, we believe the cryptocurrency markets represent huge growth,” he noted.

Darsie, director of business development at Skybridge Capital, commented:

We are obviously extremely optimistic about the sector.

“So what we decided to do was a portion of that capital that was previously allocated to credit managers was invested directly into crypto assets like bitcoin and Ethereum — but then also rotate capital into crypto-asset managers like Multicoin, Polychain, Pantera, people of that nature,” he elaborated.

Commenting on how the Securities and Exchange Commission (SEC) regulates the crypto industry, Scaramucci said, “They won’t over-regulate the crypto space, they certainly won’t under-regulate it.”

Regarding how the SEC has denied all proposals for bitcoin spot exchange-traded funds (ETFs) so far, the Skybridge founder stressed: “We think we’re early. So if we’re right, and you get a cash ETF, that opens the floodgates for more institutional and retail investing.” Skybridge’s application for a bitcoin spot ETF was rejected by the SEC alongside Fidelity’s and several others.

Scaramucci explained, “I think the SEC takes the position that because bitcoin spot trading happens all over the world, they don’t have a single market clearing for all buys and sells. So they are worried about price manipulation. He concluded :

Over time, because of the transparency of the markets, I think they’re going to get more comfortable with it.

The founder of Skybridge predicted that bitcoin will hit $100,000 and eventually trade at $500,000 a coin. He also expects BTC to become legal tender in many Latin American countries.

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