Investment Manager SkyBridge Bought the Bitcoin Dip

While crypto investors are panicking about the current bearish trends, global investment firm SkyBridge Capital is buying the Bitcoin dip.

According to Anthony Scaramucci, SkyBridge CEO, the investment company added more BTC and ETH to its crypto portfolio despite the bearish trends. 

“We have bought more Bitcoin and Ethereum. We have a private stake in FTX – and FTX is doing very well… So yes, people will look back on this debacle and say, ‘I wish I had fresh cash to buy into that,’” he said during an interview with CNBC on Monday.

Scaramucci, who noted that this is his eighth bear market, encouraged investors not to be fazed by the current bloodbath and urged them to be optimistic.

He noted that his reason for being bullish on Bitcoin is because the crypto asset holds more than half of the total crypto market capitalization and has the ability to rise again.

The SkyBridge CEO went further to compare the current meltdown to the dot-com bubble when many of the Web 1 companies’ shares crashed to zero except for Amazon.

Scaramucci also highlighted the reasons for the recent market turbulence, noting that it was due to Federal Reserve rate hikes, the Celsius incident, and the Terra Luna fiasco in early May.

He concluded that investors should practice long-term investment discipline and be ready for any situation.

“We all know that whatever you think cannot happen on Wall Street likely does happen, and so we’re ready for every scenario,” Scaramucci added.

Meanwhile, SkyBridge has continued to show its belief in crypto as it has made some investments in crypto-related projects in the past.

In January 2021, the investment firm launched a Bitcoin fund with $310 million in assets under management (AUM) for institutional investors.

Last September, SkyBridge partnered with New Asset eXchange (NAX) and Algorand for a $250 million fund aimed at boosting blockchain adoption. According to a U.S. Securities and Exchange Commission (SEC) filing, the company is also looking to start a Bitcoin mining fund.

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