Skybridge Founder Advises How to Survive Crypto Bear Market — "We Are in a Bloodbath"
Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management firm, has some advice for crypto investors on how to survive a bear market and a crypto bloodbath. Scaramucci on How to Survive Crypto Bear Market
Skybridge Capital founder Anthony Scaramucci shared his bitcoin outlook and advice on how to survive the crypto market sell-off in an interview with CNBC Monday.
“We are in a bloodbath,” he said. “This is my eighth bear market. I expect to survive this one as well.” Scaramucci opined: 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.
“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.
Crypto lending platform Celsius announced Sunday night that it has frozen withdrawals while cryptocurrency terra (LUNA) and stablecoin terrausd (UST) imploded in early May.
The Skybridge executive proceeded to give some advice to investors to help them survive the crypto 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 replied: I certainly think so. With incremental cash that comes into our fund we have bought more bitcoin and ethereum.
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: Certainly, a lot of these coins are going to get wiped out. Tags in this story Anthony Scaramucci, crypto advice, how to survive bear market, how to survive crypto crash, Skybridge Capital
What do you think about Anthony Scaramucci’s advice? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Billionaire Stan Druckenmiller Prefers Bitcoin Over Gold in "Inflationary Bull Market" MARKETS AND PRICES | 20 hours ago Devere Group Predicts a Bull Run and "Significant Bounce" for Bitcoin in Q4 MARKETS AND PRICES | 24 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLegend Animator from Japan to Launch Identity Defining NFT Brand “BOSO Tokyo” Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%