SkyBridge’s Scaramucci: Bitcoin Is ‘Technically Oversold’

The investment fund founder was philosophical about recent crypto debacles, including the collapse of the terraUSD stablecoin and luna token that supported it.

AccessTimeIconJun 23, 2022 at 10:20 p.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Given bitcoin’s (BTC) widening use in an increasing number of areas and the exponential growth of wallet activity, the crypto is “technically oversold” at current levels, Anthony Scaramucci, founder of investment firm SkyBridge Capital, said Thursday in a speech at the Collision conference in Toronto.

Scaramucci said investors may look back and recognize bitcoin being a “very cheap asset that we can take advantage of because of certain people being over-levered in the system.”

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • He said he was initially skeptical about bitcoin, though discussions years ago around digitizing the U.S. dollar spurred his interest in blockchain technology.

    Scaramucci was philosophical about recent crypto debacles, including the collapse of the terraUSD (UST) stablecoin and the luna token that supported it, and the liquidity problems afflicting crypto hedge fund Three Arrows Capital. “I’ve seen those mistakes made several times,” he said.

    The former Trump administration director of communications who has more recently jumped into digital assets said that during macroeconomic periods of “easy money” where nascent industries or technologies, such as crypto, emerge, younger sector participants have a “tendency to do things that are excessive and overboard."

    SkyBridge has launched various bitcoin-related funds and also tried to garner approval for a spot bitcoin exchange-traded fund (ETF), which was rejected by the U.S. Securities and Exchange Commission (SEC).

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.