Skybridge Capital’s Crypto Investments Rise by 130%, Says Founder Anthony Scaramucci
Investment firm Skybridge Capital has reported an increase of 130% in its cryptocurrency investments courtesy of the recent surge in prices.
Anthony Scaramucci, the company’s founder, shared the impressive returns in a recent interview with Bloomberg, while acknowledging the challenges faced in the previous year.
Scaramucci specifically mentioned the success of Skybridge’s Coin Fund, which includes investments in Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), among others.
He stated that the fund has experienced a rise of around 130%, while their Bitcoin-focused funds have seen an increase of approximately 127%.
Scaramucci further emphasized his belief in the continued growth of cryptocurrency investments, citing global adoption and the increasing prevalence of digital wallets as driving factors.
He predicted that these factors would contribute to pushing prices higher throughout 2024.
In line with Skybridge’s initial approach, Scaramucci recommended a conservative exposure to cryptocurrencies for individual investors.
He suggested starting with a 1% to 3% allocation, and possibly going up to 5% for those seeking a more aggressive strategy.
Scaramucci expressed confidence in the resilience of cryptocurrencies, even in the face of potential challenges, such as regulatory actions by figures like SEC Chair Gary Gensler.
When asked about the amount Skybridge has committed or invested in Bitcoin, Scaramucci explained the challenge of maintaining a diversified portfolio when a single investment experiences significant growth.
He compared it to a statement made by Warren Buffett, referring to not trading a valuable asset like Michael Jordan for multiple less valuable players and calling it diversification.
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