Founder of Skybridge Offers Advice How to Survive Crypto Bear Market

Founder of Skybridge Offers Advice on How to Survive

the Crypto Bear Market. Anthony Scaramucci, the founder of Skybridge Capital, a $3.5 billion asset management business, has some tips for cryptocurrency investors on how to weather a bear market and a crypto slaughter.

In an interview with a local media outlet on Monday, Skybridge Capital founder Anthony Scaramucci discussed his bitcoin perspective and offered tips on how to survive the crypto market sell-off.

He described the situation as "a carnage." This is the eighth bear market I've experienced in my life. I'm sure I'll make it through this one. Scaramucci stated, "I am pleased by the fact that bitcoin is currently accounting for more than half of the whole crypto market cap, which is yet another indicator of a flight to quality."

While cryptocurrency terra (LUNA) and stablecoin terrausd (UST) crashed in early May, crypto lending platform Celsius stated Sunday night that it had suspended withdrawals.

The Skybridge CEO then continued to provide investors with tips on surviving the crypto bear market. "Stay unlevered but stick to your long-term investing principles," he said at the outset.

Scaramucci said, "Everyone has a long-term view until they suffer short-term losses then they start setting their hair on fire and running around in a circle." He explained, "All I'm saying is that people should buy quality, remain unlevered, and be focused."

“Investors should be aware that bear markets occur on a regular basis, with bear markets occurring around once every five years during the previous 120 years,” according to him. He said, "If you stay disciplined throughout such periods of time, you may become extremely wealthy," and I believe that is the lesson for investors.

Scaramucci was asked directly if keeping disciplined means investing in a down market like the one that exists right now. He said, "I believe so." We have purchased more BTC and ETH with the additional cash that comes into our fund.

"FTX is doing extremely well," he said, adding that his firm has a private investment in the cryptocurrency exchange. It's growing in market share and is a lucrative business."

"The truth be known, many will look back on this fiasco and think, 'I wish I had fresh capital to get into that,'" the CEO said.

"There are over 8,000 coins," Scaramucci said, referring to the fall of some currencies such as LUNA and UST. Many of these projects will be sold for pennies on the dollar. There will be five to fifteen coins that we believe will have future use cases." He emphasized, "Certainly, a lot of these coins will be wiped out."