We Bought More Bitcoin and Ethereum During the Crash, Says Anthony Scaramucci
The American financier said some crypto gems could survive through the crypto winter as Amazon did after the tech stock bloodbath in 2000.
Jun 15, 2022 – 00:00
The Founder of SkyBridge Capital – Anthony Scaramucci – advised investors to remain disciplined amidst the ongoing crypto havoc. He compared the months-long selloff to the Internet bubble burst in 2000 while noting that some crypto gems will survive the winter as Amazon did twenty-two years ago.
As the bloodbath deepened, bitcoin slumped to levels not seen since Q4, 2020. ETH has it even worse, trading below the 2018 ATH. At the time, the crypto industry is clouded by overwhelming fear and panics, famed investor Anthony Scaramucci recommended people to “stay disciplined” in his latest interview with CNBC.
Scaramucci – known for his pro-bitcoin stance against critics like Warren Buffett – compared the current bear market to the Internet bubble burst in 2020. However, he hinted that crypto gems like bitcoin could be another Amazon stock, as he saw the recent climb-up of bitcoin’s dominance within the overall crypto market.
“In 2000, when many Internet stocks were crating for many of the Web1 stories, [they] when to zero but of course there are a few gems like Amazon that went on doing pretty well.”
He cited Terra’s UST de-pegging event and Celsius Network’s sudden move of halting withdrawals, swaps, and transfers between accounts as one of the catalysts of the deepened bitcoin dump. Under this extreme circumstance, he advised people to stay long and avoid leverage.
Despite his positive stance toward the primary cryptocurrency, Scaramucci warned investors in the past to scale their BTC investments appropriately. In a previous interview, he shared his strategy for bitcoin allocations as follows:
“I don’t want my clients to miss this. I’m telling them to size it appropriately – that’s a 1% of 3% allocation, 1% to 4% at cost. You can let it run, of course. But size it appropriately, then recognize that this is going to be part of our future.”
Continued Buying BTC and ETH
When asked if staying disciplined means “stacking bitcoin,” the bitcoin bull said yes, adding that “with incremental cash,” his fund has continued adding bitcoin and ethereum into its portfolio. Moreover, he predicted that when people look back on this debacle in the future, they would wish they had bought the dips.
With a private stake in the crypto exchange FTX, Scaramucci also praised its performance as a profitable company capable of quickly expanding its market share.