Home Cryptocurrency News Davos 2023: Scaramucci's SkyBridge bets on $35k bitcoin, targets credit score – Yahoo Finance

Davos 2023: Scaramucci's SkyBridge bets on $35k bitcoin, targets credit score – Yahoo Finance

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By Divya Chowdhury and Lisa Pauline Mattackal

DAVOS, Switzerland, Jan 16 (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the agency’s founder Anthony Scaramucci stated, whereas admitting this view was “overly bullish”.

“If bitcoin might commerce again to $35,000, SkyBridge goes to have an incredible yr,” Scaramucci instructed the Reuters International Markets Discussion board in Davos, Switzerland.

January’s crypto rally may very well be sustained as 2023’s “halving”, when the variety of new bitcoins launched is reduce in half, will constrain provide and drive costs larger, he stated.

Bitcoin is buying and selling at round $20,800, a 26% achieve up to now this yr after falling by greater than 64% in 2022.

SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and can also be eyeing the structured credit score market to drive 2023 returns after the agency’s losses in 2022.

“Structured credit score, mortgage-backed securities, bank card debt, auto loans — that is a lovely area once more,” Scaramucci stated. As of final September, his agency managed $2.2 billion, together with $800 million in digital asset-related investments.

Scaramucci confirmed that SkyBridge hopes to purchase again a 30% stake from FTX earlier than the center of the yr, however the timeline is unsure because the cryptocurrency change’s chapter course of unfolds, he stated. (Be part of GMF, a chat room hosted on Refinitiv Messenger: https://refini.television/33uoFoQ) (Reporting by Divya Chowdhury in Davos; Further reporting by Nishara Karuvalli Pathikkal in Bengaluru; Enhancing by Alexander Smith)

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