Anthony Scaramucci Believes that the Bear Market is Over
- Skybridge Capital’s Anthony Scaramucci said that, as per his beliefs, the Bitcoin (BTC) bear market is over as the leading crypto attempts to break $30K.
- The former White House Director of Communications said that “we’re through the bear market,” while adding that it is “a guess” and “we don’t know.”
- From the beginning of the year to date, Bitcoin (BTC) has rallied almost 70% as compared to the S&P 500, which is up by only 7%.
- Scaramucci has also revealed that his company is planning to buy back the shares it sold to the bankrupt crypto exchange FTX.
Anthony Scaramucci, the person behind the popular global investment firm based in New York City, Skybridge Capital, has maintained a strong presence in the crypto industry, and his company has invested in several crypto ventures as well. Interestingly, showing confidence in his company’s investments in blockchain tech, the former White House Director of Communications believes that “we’re through the bear market.”
According to Scaramucci, popularly known as “the Mooch,” Bitcoin (BTC), the world’s largest crypto coin, has outperformed almost every other asset class over longer periods of time. However, the Skybridge executive said that his statement was “a guess” and added that “we don’t know.” It is important to mention here that the crypto market is extremely volatile and nothing is certain.
In an interview with Yahoo Finance, Scaramucci displayed his bullish outlook for the leading crypto coin by market capitalization as the time for the next halving appears on the horizon, i.e., in early March 2024, according to NiceHash.
“But any time that you’ve held Bitcoin in a four-year rolling interval, so you pick the day, hold it for four years, you’ve outperformed every other asset class,” said the Skybridge founder executive.
It is crucial to note that Bitcoin (BTC) has operated in 4-year cycles ever since it began trading on crypto exchanges. The leading cryptocurrency is known to become scarcer with each halving, and the supply continues to get reduced. As a result, many players from the traditional finance industry remain bullish on the leading crypto coin.
From year to date, Bitcoin has skyrocketed almost 70% in 2023 as compared to the S&P 500 Index, which is up only 7%. The leading crypto coin rose almost 40% in January, followed by 23% in March, despite regulatory uncertainties and the anti-crypto stance of the United States Securities and Exchange Commission (SEC).
SBF’s Relationship with Scaramucci
As previously reported by Bitnation, Scaramucci had investments in the now-bankrupt crypto exchange FTX under the leadership of Sam Bankman-Fried, also known as SBF in the crypto space, who is accused of fraud and misleading investors. SBF purchased close to 30% of the shares of Skybridge during the 2022 crypto bear market.
Following the bankruptcy filing of the disgraced crypto exchange, Scaramucci went on to berate SBF, stating that he believed Bankman-Fried to be the Mark Zuckerberg of crypto but he turned out to be Bernie Madoff of crypto.
Despite being “betrayed” by SBF, Scaramucci stated that he wouldn’t stop taking risks and praised blockchain technology. He believes that a decentralized financial system is very effective as the parties don’t have to like or trust each other but “can transact with each other in a way that the technology basically sanctifies.”
Scaramucci also has plans to buy back the shares his company sold to FTX and said that Skybridge is waiting for “clearance from the bankruptcy people, the lawyers, and the investment bankers to figure out exactly what we’re going to be buying back and when.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
