According to an official at Skybridge Capital, a $3.5 billion portfolio management business, the cryptocurrency industry is "very positive." "The cryptocurrencies, in our opinion, indicate huge development."
Skybridge Capital's chairman Anthony Scaramucci and director John Darsie spoke with news foram on the cryptocurrency outlook prior to SALT, an international thought leadership gathering, this week.
Scaramucci noted that cryptocurrency investments account for about 50% of Skybridge's net assets, which include bitcoin, the Algorand protocol, Ethereum, and listed companies' symmetric encryption equities.
Recognizing that his business anticipates its crypto-focused net assets to quadruple from $3.5 billion to $10 billion, he stated:
We are so excited about this potential that we have changed and restructured the company to become a premier bitcoin equity fund and consultant.
"We believe the price of bitcoin promise a strong increase," he said.
Darsie, Skybridge Capital's chief commercial officer, stated, "We clearly are highly optimistic on the area."
"Then what we finally agreed to do here is engage a percentage of that investment that had initially been made available to borrowing management staff straightforwardly into digital currencies like bitcoin and Ethereum — but also rotate capital into virtual currency management teams like Multicoin, Polychain, Pantera, and persons with that disposition," he explained.
Scaramucci remarked on the how the Securities and Exchange Commission (SEC) regulates the cryptocurrency market:
"Law enforcement agencies do not have any sort of influence over the activities of the crypto community"
Concerning the SEC's rejection of all applications for bitcoin spot marketplace funds (ETFs) thus far, the Skybridge inventor stated, "We believe we're premature." So, since we're correct and you have a cash ETF, that paves the way to greater retail and wholesale spending." The SEC denied Skybridge's registration for a bitcoin spot ETF, as well as those of Fidelity and the others.
"I assume the SEC is taking the stance it because cash transaction of bitcoin is happening all over the world, they don't really have a yet another cleared for all buying and sell," Scaramucci added. As a result, they are concerned concerning price-fixing." Finally, he stated:
Due to the obvious currency market openness, I believe they should get more comfortable with it over the period.
The Skybridge creator predicts that cryptocurrency will hit $100,000 and finally trade at $500,000. He also anticipates that Bitcoin will become legal money in a number of Latin American nations.
