Famous American financier Anthony Scaramucci has admitted that having massive exposure to Bitcoin was a mistake in the short run, as he and his investment company suffered significant losses amid the bear market.
Long-term Bitcoin bullish
In his latest CNBC interviewScaramucci noted that although his Bitcoin exposure through his investment firm, SkyBridge Capital, suffered significant losses amid the market downturn, he has no regrets about investing in the cryptocurrency.
He stated that he firmly believes in Bitcoin’s long-term potential and intends to hold on to the digital asset for as long as possible. Scaramucci reiterated his conviction that the leading cryptocurrency will be a significant part of the future.
“I don’t regret it… For me, the short term is a mistake but remember; everyone is a long-term investor until they suffer short-term losses. So, I want to measure bitcoin investment over a four-year interval. I think if you’ve held bitcoin for a four-year rolling cycle, you’ve made money,” he said.
Scaramucci went further to compare the market’s present conditions to the early days of Amazon. He pointed out that some investors had purchased Amazon shares during the March 2000 debacle.
Become the Amazon of the Crypto Era
However, when bearish market conditions caused stocks to fall more than 90%, many people thought the investment was a mistake. Scaramucci recalled the cover of an old Barron article featuring Amazon founder Jeff Bezos’ face about a cartoon bomb that was about to go off with the headline “Amazon.Bomb.”
Fast forward to more than two decades later, Amazon has become a multimillion-dollar company, revolutionizing the e-commerce and cloud computing industries. The financier believes Bitcoin will have the same fate as Amazon.
Interestingly, Scaramucci’s thoughts echo those of Edward Dowd, the former chief executive of BlackRock. Earlier this week, Dowd described Bitcoin as “the Amazon of the crypto age,” adding that cryptocurrency will be in everyone’s wallet going forward.
SkyBridge’s Investors Demand Withdrawal
Meanwhile, Scaramucci’s SkyBridge is currently facing an exodus of investors from its flagship fund due to the fund’s poor performance over the past four months. The company risks losing over $850 million as investors demand to withdraw their money mounts.
One of SkyBridge’s funds, Legion Strategies, has already suspended redemptions, preventing investors from withdrawing their money.
