Skybridge Capital founder reveals why he chose to invest in crypto

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Dec 3, 2021
  • Anthony Scaramucci, the founder of Skybridge Capital, recently revealed why he invested heavily into crypto.
  • He said that around $1.3 billion out of a total of $9 billion in assets is dedicated to cryptocurrency.
  • He then listed a number of massive funds launched recently as one reason.

Cryptocurrency adoption is picking up strongly, and there are many new major names in the crypto industry as of late. One example is Skybridge Capital’s Anthony Scaramucci, who recently discussed why he invested $1.3 billion — out of $9 billion in assets — into cryptocurrencies.

Scaramucci is not completely new to crypto, of course, but he recently increased his investment by nearly 150%, causing a lot of discussions. So, naturally, when he joined Halftime Report for a talk, the topic immediately came up. He explained that a lot of it comes from price appreciation, as Bitcoin (BTC/USD) returned from $29k in mid-May to mid-$50k. In addition, he said that another reason for increased interest in crypto is the ETF CRPT, which is a crypto ecosystem publicly traded security ETF.

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Scaramucci further added that a new $2 million cryptocurrency fund is about to be launched next week in Abu Dhabi and that it will have certain components of private equity and some components of the coins themselves.

He also mentioned a newly-launched Algorand Fund that was launched only a few days ago, on December 1st. The fund is $100 million large, and Scaramucci seems to have great expectations from Algorand, noting that some predictions are saying it could flip Ethereum (ETH/USD) itself. Of course, with Algorand being faster and cheaper — not to mention having a negative carbon footprint — he compared Algorand to Google in its early days.

Speaking of the total amount invested in crypto, he revealed that it is about $1.3 billion from a total of $9 billion. In terms of funds, that’s around 10%-25% per fund that is dedicated to cryptocurrencies. Once again he stressed that a lot of it is just price appreciation.

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