Anthony Scaramucci, co-founder of the hedge fund Skybridge Capital, has made a big turn in his career, moving from a brief tenure in the White House under the Donald Trump administration in 2017 to investing in cryptocurrencies.
In an exclusive interview with the news outlet Decrypt, the former White House PR director explained why he gravitates towards Bitcoin and Bitcoin only.
Recall that Anthony Scaramucci recognized Bitcoin as an investment object before. In particular, after the collapse of BTC and the cryptocurrency market in January 2021, he stated that he was using the price slump for a better purchase. As a result, the expert turned out to be right: then the coin was traded at the level of 32 thousand dollars, and today its rate, including, exceeded 57 thousand.
In addition, Anthony called Bitcoin a safe asset that is able to protect investors from inflation, rising prices and the decline in the value of conventional currencies like the dollar. According to him, owning a cryptocurrency is no less secure than holding gold or bonds.
This means that Scaramucci has no doubts about BTC. Now he confirmed this point of view and, in addition, commented on his attitude towards other coins.
Why buy bitcoins
Scaramucci is convinced that only the main cryptocurrency deserves the attention of investors. He is not ready to invest in altcoins – even the largest ones. Here is his line.
I am only focused on Bitcoin. I am not ready to invest in Dogecoin, Ethereum, other cryptocurrencies or digital assets. I’m with Big Dog [main asset – editor’s note].
Recall that Dogecoin has recently become a popular coin at the suggestion of Elon Musk. The top entrepreneur and the richest man in the world actively mentions DOGE and draws attention to cryptocurrencies on his Twitter. In January, the rate of this coin, among other things, increased by 800 percent during the day.
The expert’s point of view is built around the fact that now the share of Bitcoin in the total market capitalization is the most significant. Here is a quote from him.
Bitcoin is 12 years old, has been challenged by 8,300 different projects, trying to break its foundations, and yet it sits at the top. That’s enough for me.
In other words, Scaramucci sounds like a Bitcoin maximalist, that is, someone who loves BTC while denying the benefits of other blockchain projects. This approach makes sense for him, given that the Skybridge Capital crypto fund, which rose sharply to $ 370 million in the first few weeks , is focused exclusively on BTC.
At the moment, Scaramucci is focused on Bitcoin in large part because it is difficult for him to deal with some fears about investing in crypto. After all, it is now quite difficult for funds to attract investors to at least Bitcoin, not to mention the thousands of altcoins that have existed for only a couple of years at best. That is, the Skybridge management believes that Bitcoin has a much higher chance of being in the portfolio of the average investor in comparison with other coins. On the whole, such a position is more advantageous for him.
The investor continues.
Goal number one for now is to try to turn people into skeptics or missing out on the opportunity to invest in digital assets. I think it will be quite difficult to simply “introduce Bitcoin to them”. You’ve heard the acronym FUD: fear, uncertainty and doubt. Well, we are managing the money of a multitude of fearful conservatives.
During the interview, Scaramucci also noted that his skepticism about altcoins could be destroyed over time. If the market continues to grow at a rapid pace, and new coins continue to find their real use, the head of the hedge fund may well be able to consider new cryptocurrencies as potential investments.
We think Anthony’s position is clear. Now cryptocurrencies are a very young asset, which most people simply have not yet had time to figure out. In this regard, they have concerns and distrust of the industry. However, thanks to investments in BTC from MicroStrategy, Tesla and other giants, attitudes specifically towards Bitcoin have improved, because the reputation of the listed companies is making itself felt. This is why Scaramucci wants to grab the attention of customers and persuade them to buy BTC.
At the same time, there is no need to doubt altcoins – especially large ones. Many of them have proven their potential over the years, while serious new projects continue to actively change the industry and the world. For example, what is Uniswap worth, which showed blockchain lovers the power and possibilities of decentralization in cryptocurrency trading.
So over time, Anthony and his colleagues will surely appreciate the prospects for altcoins. However, for this to happen, the fund’s clients must first believe in Bitcoin.