Skybridge Capital founder Anthony Scaramucci offers advice to crypto investors regarding how to beat a bear or crypto bloodbath.
Scaramucci on Surviving the Crypto Bear Market
Anthony Scaramucci from Skybridge Capital spoke to CNBC Monday about his outlook on Bitcoin and how to survive the market crash.
“We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined:
It is encouraging to see bitcoin at over 50% of crypto market value right now. That is yet another indicator that there is quality flight.
“Of course, Celsius is putting pressure on it — the same way that the LUNA terra situation put pressure on it about six weeks ago,” he continued.
Celsius crypto lending platform announced Sunday night it had stopped withdrawals, while stablecoin terrausd and cryptocurrency terra were demonetized in May.
Skybridge’s executive offered some tips to investors in order to survive the cryptocurrency bear market. He began by recommending people to “stay unlevered but keep to your long-term investment disciplines.”
Scaramucci described: “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.” He said:
I’m just cautioning people to buy quality and be unlevered, and stay disciplined.
He added that investors should “Recognize that bear markets happen,” adding that “they probably happened one out of every five years if you look at it over the last 120 years.” He noted: “If you stay disciplined during those periods of time, you got yourself very wealthy, and I think that’s the message for investors.”
Scaramucci was specifically asked whether staying disciplined means buying in a down market like what’s going on Monday.
He responded:
Yes, I do. We have purchased more bitcoins and ethereum with incremental cash from our fund.
He added that his company has a private stake in cryptocurrency exchange FTX, noting: “FTX is doing very well. It’s gaining market share, and it’s a profitable company.”
The executive opined: “The truth be told, people will look back on this debacle and say I wish I had fresh cash to buy into that.”
Commenting on the collapse of some coins such as LUNA and UST, 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.” He stressed:
Certain, many of these coins will soon be lost.
What do you think about Anthony Scaramucci’s advice? Leave your comments below.
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