Anthony Scaramucci predicts the recovery of Bitcoin in 2023 and the rebirth of risk assets led by crypto. But will his prophecies come true?
The investors’ sentiments turned positive as the Bitcoin price rallied over 40% in 2023. The Fear and Greed Index has returned above 50 for the first time since April 2022.
Considering the recent rally, Anthony Scaramucci, the founder of SkyBridge Capital, believes that “there will be a resurgence in the market.” SkyBridge Capital, the SEC-registered investment advisory firm, has over $2.2 billion in assets under management.
Scaramucci Predicts Rebirth of Risk Assets
According to a Bloomberg article, Scaramucci believes that the Federal Reserve (Fed) will declare victory over inflation once it reaches the 4% to 5% mark rather than waiting for 2%. The Fed aggressively increased interest rates in 2022 from 0% to 4.5%. If the inflation falls to the target range, the Fed might pivot.
Anthony Scaramucci says, “If I’m right, there will be a resurgence in the market. There’ll be a lot of short covering in crypto and there’ll be a rebirth of risk assets.”
According to a CNBC article, the founder of SkyBridge Capital believes that 2023 will be a recovery year for Bitcoin. He predicts BTC will trade between $50,000 to $100,000 within a couple of years. Like many industry experts, Scaramucci too predicted Bitcoin to hit $100,000 by the end of 2021, but the asset peaked at $69,000.
SkyBridge’s FTT bet Incurred a Loss of 96%
FTX Ventures acquired a 30% stake in SkyBridge Capital in a $40 million deal around two months before it filed for bankruptcy. SkyBridge purchased $10 million worth of FTT tokens from this funding, but had to sell it for a loss of $9.6 million.
Anthony Scaramucci acknowledged the failed investment and said he wouldn’t shy away from it. The SkyBridge Capital founder says, “I’m not going to be the person that takes no more risk in the future because I got burned by Sam.”
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