Skybridge Capital, a $3.5 billion asset management firm, is “extremely bullish” on the crypto sector, says an executive of the firm. “For us, we think the cryptocurrency markets represent tremendous growth.”
‘The Cryptocurrency Markets Represent Tremendous Growth’
Two executives of Skybridge Capital — founder Anthony Scaramucci and director John Darsie — talked about the firm’s crypto outlook in an interview with Bloomberg ahead of SALT, a global thought leadership forum, this week.
Scaramucci explained that almost half of Skybridge’s asset under management is linked to crypto assets, including bitcoin, the Algorand protocol, Ethereum, and publicly traded, crypto-related stocks.
His firm anticipates that crypto-focused assets will triple from $3.5 million to $10,000,000, he stated:
We feel so strongly about this opportunity that we’ve adapted and repositioned the firm to eventually be a leading cryptocurrency asset manager and adviser.
“For us, we think the cryptocurrency markets represent tremendous growth,” he noted.
Darsie, Skybridge Capital’s director of business development, said:
Evidently, we are very bullish in this sector.
“So what we decided to do was a portion of that capital that was previously allocated to credit managers was invested directly into crypto assets like bitcoin and Ethereum — but then also rotate capital into crypto-asset managers like Multicoin, Polychain, Pantera, people of that nature,” he elaborated.
Commenting on how the Securities and Exchange Commission (SEC) is regulating the crypto sector, Scaramucci opined: “They won’t over-regulate the crypto space, they’re certainly not going to under-regulate it.”
Regarding how the SEC has denied all proposals for bitcoin spot exchange-traded funds (ETFs) so far, the Skybridge founder stressed: “We think we’re early. So if we’re right, and you get a cash ETF, that opens the floodgates for more institutional and retail investing.” Skybridge’s application for a bitcoin spot ETF was rejected by the SEC alongside Fidelity’s and several others.
Scaramucci explained: “I think the SEC is taking the position that because the cash trading of bitcoin is happening all over the world, they don’t have a one-market clearing for all buys and sells. So they’re worried about price manipulation.” He concluded:
Over time, because of the transparency of the markets, I think they’re going to get more comfortable with it.
Skybridge founder Michael Skybridge predicts that bitcoin will surpass $100K in value and eventually trade at $500K per coin. BTC will soon be legal tender in several Latin American countries, according to Skybridge founder.
What do you think about the Skybridge executives’ comments? Comment below.
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