Cryptos, Davos ready to take an interest in them now? – Landmark of all budding economists and predictors of trends, the Davos Economic Forum (WEF) is The Place To Be for a few days. And, the various stakeholders rave about cryptoslikeAnthony Scaramuccifounder of Skybridge Capital. Decryption.
The boss of Skybridge in full transparency at the Davos Forum
Anthony Scaramucci, DCG bankruptcy in sight?
the Davos WEF is being held right now, from January 16 to 20, 2023, in the heart of the Swiss Alps. The crème de la crème of bosses and political leaders meet during the summit to address climate, international and financial issues… And to try to find solutions. And among these, cryptos could well have their place. Anthony Scaramuccithe founder of Skybridge Capitalan investment fund of nearly $2.2 billion of assets, has also expressed himself on this subject.
He is, first of all, asked about current events. Namely, the current setbacks on the side of Digital Currency Group (DCG). Indeed, the company founded by Barry Silbert since the beginning of the year had shown itself unable to honor reminders from the boss of the American exchange Gemini, Cameron Winklevoss. DCG has now announced suspend shareholder dividends until further notice. So the question the market is asking now is exactly the one Scaramucci is asking. Will crypto-dominoes still fall in the coming months?
>> Do you want to trade Bitcoin and cryptocurrencies without breaking the bank? AscendEX opens its arms to you (commercial link) <<
The boss of Skybridge, his vision of the current bearmarket
To answer, the boss of Skybridge draws a parallel with the fall of Lehman Brothers in 2008. The market only found its bottom a year later, in 2009, once all doubts had been dispelled.
“I see another 3 or 4 months of negative activity from a few industry leaders. However, I hope and pray that DCG does not go bankrupt. »
One thing is certain, the more time passes, the more the chances of seeing a new domino fall decrease in theory. On the other hand, Scaramucci advises looking beyond short-term incidents and taking a long-term view of the crypto sector.
“If you are a long-term investor, you shouldn’t be looking at it daily [en parlant de Bitcoin]. […] I haven’t lost a single bitcoin. […] Its price may be temporarily pegged differently in dollars today than it was [lors de son ATH en 2021 par exemple]. […] But if we look at 3 or 5 years from now, I think we will be very good. »
The boss of Skybridge even takes the risk of giving his opinion on the underlying trend Bitcoin price in the current period.
“I encourage people to invest now. We are closer to a bottom than finding the next top. »
Sam Bankman-Fried, Scaramucci’s betrayed trust
Scaramucci also returns at length on the FTX case following which he suffered heavy losses. Notably a purchase of $10 million in FTT tokens in return for Sam Bankman-Fried’s $45 million investment in his fund. A purchase on which he cashed $9.6 million in losses. Anthony also considered Sam a friend and feels deeply betrayed by the young trader whom he had allowed “to sit at the VIP table”. A prestigious table made up of directors of venture capital funds (venture capital) and respected hedge funds.
“If you were there during the Russian debt crisis [en 1998] that John Meriwether helped to amplify, or during the Bernard Madoff Ponzi revealed in 2008, one had used too much leverage, Meriwether, the other was a fraud, Madoff. It’s as if John Meriwether and Bernie Madoff had a biological child. That child is Sam Bankman-Fried. »
Despite these disappointments, Scaramucci remains very bullish in the long-term crypto market. During a dinner with CZ in December, the binance boss has also told him that this market, and in particular Bitcoin, have so far been a real Swiss clock in terms of the 4-year cycle that separates each Bitcoin halving. Why would that change?
Now is the time to enjoy a cigar (in moderation) and a glass of rum (in even more moderation), and go ahead and register on AscendEX! To trade cryptocurrencies without breaking the bank, take advantage of a 10% reduction on trading fees (commercial link, see conditions on site).