Scaramucci calls World Economic Forum pessimism ‘bullish’ predicting a crypto resurgence
SkyBridge Capital founder Anthony Scaramucci has revealed that he anticipates the Federal Reserve will suspend its drive to increase interest rates before meeting its 2% inflation objective, which will lead to a rally in risk assets.
Scaramucci stated his belief that the Federal Reserve would proclaim victory when inflation reaches between 4% and 5%, as per a Bloomberg report on January 25. The investor also declared that the “rampant pessimism” voiced by world leaders at the recent World Economic Forum in Davos, Switzerland, is “enormously bullish.”
“If I’m right, there will be a resurgence in the market. There’ll be a lot of short covering in crypto, and there’ll be a rebirth of risk assets.”
According to a representative for SkyBridge, the company has around 10% of its exposure to Bitcoin in the SkyBridge Multi-Adviser Hedge Fund Portfolios Series G fund, based on month-to-date estimates. However, Scaramucci said that he has no plans to increase his Bitcoin holdings in the fund and that he may “scale into other things as Bitcoin goes up.”
Scaramucci’s $9.6 million bet on FTX
Prior to the downfall of Sam Bankman-Fried’s empire, FTX, SkyBridge took funding from the exchange to the tune of $45 million. Per Scaramucci, SkyBridge used the flood of capital to make a purchase of $10 million worth of FTX’s token FTT, which was afterward sold at a loss of $9.6 million.
Scaramucci is quoted as saying, “I don’t shy away from it. I think it’s important for people who believe in capitalism and important for people that are risk-takers to understand what happened. I’m not going to be the person that takes no more risk in the future because I got burned by Sam.”
Notably, back in April 2022, FTX and Scaramucci’s forum SALT welcomed 2,000 of the biggest digital asset backers to ‘Crypto Bahamas,’ an invitation-only event of the most notable names supporting the crypto industry.
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