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In a statement, Anthony Scaramucci, the founder and CEO of SkyBridge Capital, said that the global investment company stands firm on its hodling strategy even after the dramatic downturn of the crypto market.
Anthony Scaramucci, in an interview, said that the crypto market is currently experiencing a bearish trend which is more challenging than usual.
When Bitcoin was trading between the range of $4,000 and $6,000 in March 2020, around $70 billion was lost. It’s an $800 correction we are talking about now, added the CEO.
He then says that if the banking community went through the same thing, then he said it would be quite dramatic, and the Federal Reserve would have to take some action. He said that it shows decentralization is less fragile than the core system.
Scaramucci is still hopeful that the prices of crypto assets will recover despite the huge losses of the currency correction. He pointed out that similar corrections were witnessed in equities markets in the early 2000s.
He adds that we can look at historical context back to March 2000 when the Nasdaq went from 5,000 and changed down to 2,300. He adds that, according to him, these assets are at distraught level prices. However, those were technically oversold, and he said they hadn’t sold one position.
There is about 18% exposure to Bitcoin and Ethereum in their core fund; the CEO said he would tell this stuff to people if they bought this back in October of 2020, for Bitcoin, these coins were trading for $18,000, while for Ethereum at around $700. He then says that from a long-term perspective, investors can do very well in cryptocurrency markets.
He said that he acknowledges the panic in the markets, saying that everybody is a short-term investor when they have losses like this and said that it is cliche to say that long-term investor until I have short-term losses.
Scaramucci also believes that although the crypto market has suffered terribly due to the collapse of the Terra ecosystem, he is confident that flagship currencies such as Ethereum and Bitcoin will continue a long-term uptrend.
Bitcoin and Ethereum are two core protocols that he wants people to explore. He also points out that they have accomplished this over five years and also identifies that there was a flaw in the Terra LUNA mechanics.
None of those tokens owned Skybridge. A lot of people showed their dissent, and massive selling pressure was witnessed when that disintegrated; therefore, he said he thinks that is technically oversold.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
