The Founder of SkyBridge Capital – Anthony Scaramucci – advised investors to remain disciplined amidst the ongoing crypto havoc. He compared the months-long selloff to the Internet bubble burst in 2000 while noting that some crypto gems will survive the winter as Amazon did twenty-two years ago.
“Stay disciplined”
As the bloodbath intensified, bitcoin fell to levels not seen since the fourth quarter of 2020. ETH fared even worse, trading below the 2018 ATH. At the time, the industry of crypto is clouded by overwhelming fear and panic, famed investor Anthony Scaramucci recommended people to “stay disciplined” in his latest interview with CNBC.
Scaramucci – known for his pro-bitcoin stance against critics like Warren Buffett – compared the current bear market to the Internet bubble burst in 2020. However, he hinted that crypto gems like bitcoin could be another Amazon stock, as he saw the recent climb-up of bitcoin’s dominance within the overall crypto market.
“In 2000, when many Internet stocks were creating many Web1 stories, [they] when at zero, but of course there are a few gems like Amazon that have done pretty well.
He cited Terra’s UST de-pegging event and Celsius Network’s sudden move of halting withdrawals, swaps, and transfers between accounts as one of the catalysts of the deepened bitcoin dump. Under this extreme circumstance, he advised people to stay long and avoid leverage.
Despite its positive stance towards the major cryptocurrency, Scaramucci has warned investors in the past to tailor their BTC investments appropriately. In a previous interview, he shared his strategy for bitcoin allocations as follows:
“I don’t want my clients to miss this. I’m telling them to size it appropriately – that’s a 1% of 3% allocation, 1% to 4% at cost. You can let it run, of course. But size it appropriately, then recognize that this is going to be part of our future.”
Continuation of the purchase of BTC and ETH
When asked if staying disciplined meant “piling bitcoin,” the bitcoin bull said yes, adding that “with additional liquidity,” his fund continued to add bitcoin and ethereum to its portfolio. wallet. Plus, he predicted that when people look back on this debacle in the future, they’ll wish they had bought the dips.
With a private stake in the crypto exchange FTX, Scaramucci also praised its performance as a profitable company capable of quickly expanding its market share.
