Anthony Scaramucci Warns about Bitcoin BubbleJanuary 5, 2021
Anthony Scaramucci, the founder of SkyBridge Capital and former White House Communications Director, said that Bitcoin is volatile and the bubble could burst, but he remained optimistic about the cryptocurrency market and outlined that people can make a monumental amount of money in the crypto market.
During an interview with CNN, Scaramucci mentioned that Bitcoin is digital gold and provides a modern way to store capital. He accepted that he was originally skeptical about BTC and other digital assets but changed his mind about cryptocurrencies due to mass adoption.
However, he said that investment in cryptocurrencies is not for faint-hearted people and crypto holders must get ready for a volatile market ahead. The Founder of SkyBridge Capital officially launched the SkyBridge Bitcoin Fund yesterday to provide retail and institutional clients with an opportunity to get BTC exposure.
“This could be a blow-up top bubble. We expect the fund to be volatile and it could lose money,” Scaramucci said during a discussion with CNN.
Despite his concerns regarding Bitcoin volatility and possible consequences for crypto investors, Scaramucci remained a Bitcoin bull and termed BTC as digital gold. “This is digital gold, and it is easier to transfer. We love the scarcity of bitcoin,” he added. SkyBridge Capital revealed $310 million BTC exposure and announced to provide institutional level custody and operation without forcing investors to directly hold BTC.
“We believe Bitcoin is in its early innings as an exciting new asset class. With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space,” Scaramucci mentioned at the launch of SkyBridge Bitcoin Trust.
“With global money printing at an all-time high, Bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation,” Ray Nolte, SkyBridge Co-Chief Investment Officer and Senior Partner mentioned in the official press release.
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