$3,500,000,000 Hedge Fund Doubles Down on Bitcoin (BTC), Ethereum (ETH) and Algorand (ALGO): Report
SkyBridge Capital founder Anthony Scaramucci is reportedly devoting nearly half of his firm’s $3.5 billion worth of assets under management to Bitcoin (BTC), Ethereum (ETH), Algorand (ALGO) and crypto-related stocks.
Scaramucci says in a new interview with Bloomberg that SkyBridge Capital has “adapted and repositioned” during the pandemic, noting that the firm hopes to eventually evolve into a leading crypto asset manager and adviser.
“If you just look at the 10 years of GDP growth, it’s roughly about 1.6%, which is below trend. I’m not saying that the inflation is forever, but if you’re going to have high inflation, at least temporarily – which I would define as 18 to 36 months – you got to put yourself in a position to be in very high-growth-oriented places. For us, we think the cryptocurrency markets represent tremendous growth. It comes with volatility, certainly, but I think over the three to five years, we’d like that trajectory.”
Scaramucci acknowledges that devoting a high percentage of the firm’s capital to crypto is a risky strategy.
“I want to be a Swiss army knife in markets – I want to be adaptable. I want to look at where markets are – and not the way they once were, or the way I would like them to be – and I want to adapt our business. But we are aware of our risks in our approach.”
The SkyBridge founder has previously spoken at length about his long-term bullishness on Algorand, a proof-of-stake blockchain that enables developers to build decentralized applications for financial services. The smart contract platform is an Ethereum (ETH) challenger that aims to accelerate transaction speed at a lower cost.
“I’ve got a quarter-billion dollars in Algorand right now. I think Algorand will be the Google… Algorand to me is the future. It’s just going to require more and more people doing deep dive due diligence and making the decision to choose it.”
Scaramucci predicts Algorand will eventually challenge leading competitors in the crypto industry just as Google did in the early days of the internet.
Earlier this year, Scaramucci said that he’s optimistic Bitcoin will eventually reach the $500,000 price level.
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The post $3,500,000,000 Hedge Fund Doubles Down on Bitcoin (BTC), Ethereum (ETH) and Algorand (ALGO): Report appeared first on The Daily Hodl.
