Betting Big on Bitcoin Was a Short-Term Mistake, Admits Scaramucci
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.
Bullish on Bitcoin in the Long-term
In his latest CNBC interview, Scaramucci noted that while his Bitcoin exposure via his investment firm, SkyBridge Capital, has incurred significant losses amid the market downturn, he does not regret 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… To me, short-term is a mistake but remember; everyone is a long-term investor until they have short-term losses. So, I want to measure the bitcoin investment over a four-year interval. I think if you’ve held bitcoin for a rolling four-year 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.
Becoming the Amazon of the Crypto Era
However, when bearish market conditions caused the shares to plunge by more than 90%, many people thought the investment was a mistake. Scaramucci recalled the cover of an old Barron article with the face of Amazon’s founder, Jeff Bezos, on a cartoon bomb that was about to explode 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 that of Edward Dowd, the former Managing Director at BlackRock. Earlier this week, Dowd described Bitcoin as “the Amazon of the crypto era,” adding that the cryptocurrency will be in everyone’s portfolio in the future.
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, leaving investors unable to withdraw their money.
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