SkyBridge Capital founder Anthony Scaramucci says he’s still a long-term follower of Bitcoin (BTC) despite his fund’s recent struggles.
in a new interview With CNBC, the hedge fund veteran says he still likes the best crypto asset by long-term market capitalization, even as SkyBridge faces a massive exodus of investors.
“There has been exponential growth in portfolios. There has been an exponential growth in bitcoin transactions… And I think over time bitcoin will be a peer-to-peer transaction railroad for much of the economy. And there will be underlying technologies like Ethereum or maybe Algorand that will also be part of it.
So when I look at technology, when I study technology, I find it hard to believe that it’s not going to be part of our future.
However, Scaramucci admits Bitcoin may have been a short-term mistake, but note that it measures investment on a four-year scale.
“In the short term, it was a mistake. But remember that everyone is a long-term investor until they suffer short-term losses. I want to measure bitcoin investment over a four year interval.
Scaramucci then says that SkyBridge bought its BTC stash at $18,000, around $4,600 less than what the crypto king is trading at the time of writing, stressing that investors should think about staying.
“Everyone is going through a different situation. We have the worst market crisis since 1970, the first half [has been the] worst since 1970. I think for us, with Bitcoin down 50% on the year, we had a large position in Bitcoin.
The irony of our position is that we bought Bitcoin at $18,000, so they went to $69,000 [and] traded at $22,000. Of course, you take the money up and the money goes down. So I would like people to recognize that and keep calm and be with us.
Don’t miss a beat – Subscribe to receive crypto email alerts straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.
Feature image: Shutterstock/Mia Stendal
Generated Image: DALL-E