Skybridge Capital, a $3.5 billion wealth management firm, is “extremely bullish” on the crypto sector, says an executive at the firm. “We believe the cryptocurrency markets represent tremendous growth for us.”
“The cryptocurrency markets stand for enormous growth”
Two Skybridge Capital executives — founder Anthony Scaramucci and director John Darsie — spoke about the company’s crypto prospects in an interview with Bloomberg this week ahead of SALT, a global thought leadership forum.
Scaramucci explained that nearly half of Skybridge’s assets under management are associated with crypto assets, including Bitcoin, the Algorand protocol, Ethereum, and publicly traded crypto-related stocks.
Noting that his firm expects crypto focus to triple its assets under management from $3.5 billion to $10 billion, he said:
We are so confident in this opportunity that we have adapted and repositioned the company to eventually become a leading cryptocurrency wealth manager and advisor.
“We believe the cryptocurrency markets represent tremendous growth for us,” he noted.
Darsie, Director of Business Development at Skybridge Capital commented:
We are obviously extremely bullish on the sector.
“So we decided to invest some of this capital, previously allocated to credit managers, directly into crypto assets like Bitcoin and Ethereum – but then also rotate capital into crypto asset managers like Multicoin, Polychain, Pantera and others this nature,” he explained.
Commenting on how the Securities and Exchange Commission (SEC) regulates the crypto sector, Scaramucci opined, “They’re not going to over-regulate the crypto space, they certainly aren’t going to under-regulate it.”
Referring to how the SEC has so far rejected all Bitcoin exchange-traded spot fund (ETF) proposals, the Skybridge founder stressed, “We think we’re early. So if we’re right and you get a cash ETF, that opens the floodgates for more institutional and retail investment.” Skybridge’s application for a bitcoin spot ETF was rejected by the SEC alongside Fidelity and several others.
Scaramucci stated, “I think the SEC’s position is that because cash trading in bitcoin happens all over the world, they don’t have one-market clearing for all purchases and sales. So they are concerned about price manipulation.” He concluded:
I think they will get more comfortable with it over time due to the transparency of the markets.
The Skybridge founder has predicted that Bitcoin will hit $100,000 and eventually trade at $500,000 per coin. He also expects BTC to become legal tender in many Latin American countries.
What do you think of the Skybridge executives’ comments? Let us know in the comment section below.
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