Skybridge Founder Buys More BTC and ETH Into “Crypto Bloodbath”
In an interview with CNBC on Monday, the founder of Skybridge Capital, Anthony Scaramucci, gave his two cents on Bitcoin and provided an outlook on how to survive a bear market. He said:
“We are in a bloodbath. This is my eighth bear market. I expect to survive this one as well.
I am encouraged by the fact that Bitcoin is above 50% of the overall crypto market cap right now, which is another sign that there is a flight to quality there.”
Scaramucci added:
“Of course, Celsius is putting pressure on it — the same way that the LUNA terra situation put pressure on it about six weeks ago.”
On Sunday, crypto lending platform Celsius suspended all withdrawals and is currently fighting to avoid liquidation. Earlier in May, the Terra ecosystem (LUNA) experienced massive losses. Commenting on this collapse, Scaramucci noted:
“There’s over 8,000 coins … Many of these projects are going to trade to zero. There will be five to 15 coins that we think are going to be use cases for the future.
Certainly, a lot of these coins are going to get wiped out.”
When it comes to advice for investors to help them survive the crypto bear market, Scaramucci started by telling people to “stay unlevered but keep to your long-term investment disciplines.” The Skybridge executive detailed:
“Everybody has a long-term perspective until they have short-term losses … then they start to set their hair on fire and run around in a circle. I’m just cautioning people to buy quality and be unlevered, and stay disciplined.”
He also advised investors to “recognize that bear markets happen,” and that “they probably happened one out of every five years if you look at it over the last 120 years.” He stressed:
“If you stay disciplined during those periods of time, you got yourself very wealthy, and I think that’s the message for investors.”
Responding on a question if people should be buying crypto when markets tank just like what has been on display since Monday, Scaramucci said:
“I certainly think so. With incremental cash that comes into our fund we have bought more Bitcoin and Ethereum.”
The executive concluded:
“The truth be told, people will look back on this debacle and say I wish I had fresh cash to buy into that.”
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Source: igaming
