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ANTHONY SCARAMUCCI: SKYBRIDGE EXPECTS A CRYPTO FOCUS COULD TRIPLE ASSETS

ANTHONY SCARAMUCCI: SKYBRIDGE EXPECTS A CRYPTO FOCUS COULD TRIPLE ASSETS

About half of the $ 3.5 billion SkyBridge under management is linked to crypto assets including Bitcoin, Algorand protocol, Ethereum and crypto, publicly traded, crypto-related stocks, according to Scaramucci, who returned to financial management. at his New York-based company 11 days later. then President communications director Donald Trump in 2017. SkyBridge expects a crypto focus could help triple $ 10 billion in assets, with digital assets representing most of those investments. “We feel so empowered by this opportunity that we have become accustomed to and restructured the company to eventually become the leading cryptocurrency asset manager and advisor,” Scamucci said in an interview.


Scaramucci spoke ahead of this week's SALT event sponsored in partnership with the crypto exchange FTX which is expected to attract about 2,000 people to the Bahamas.


Here are some comments from the interview with Scaramucci and SkyBridge CEO John Darsie, who is assisting in conducting the SALT SkyBridge sessions, scheduled for length:


When did you decide to navigate crypto?


ANTHONY SCARAMUCCI: We have made a decision during the violence that we need to change our entire portfolio. There is pre-epidemic land and post-epidemic land, and post-epidemic land has many government shortcomings - it has a lot of uncertainty related to growth.


If you look at just 10 years of GDP growth, it is almost 1.6%, which is less than the trend. I'm not saying inflation is permanent, but if you're going to have high inflation, at least temporarily — which I would describe as 18 to 36 months — you should set yourself up for a higher level — growth-focused areas. For us, we think cryptocurrency markets represent great growth. It comes with flexibility, of course, but I think within three to five years, we would like that route.


The most important moment for me, though, was working in Washington, DC, because I had spent some time in the Export Bank. It's hard to believe it's been five years now, but in June 2017, I was at an ExIm bank meeting where Treasury officials were talking about digital spending. And I was saying, OK, how are you going to do that? Over the blockchain.


So when I came out of that meeting, it was an epiphany for me: What the Winklevoss twins talk about, what my friends like Mike Novogratzes of the world talk about, I have to take it seriously. So when I was fired from the White House, back in SkyBridge, I bought the URL SkyBridgeBitcoin.com.


Our friend Michael Saylor started making the largest Bitcoin investment in August 2020. At SkyBridge, we made our first major investment in December, where we invested about $ 270 million in macro investments in our Series G. Our average price was $ 18,500 — proving to be an excellent entry point. But, admittedly, there was a lot of flexibility. This is not the case with the weak — this is a long-term, strategic decision.


JOHN DARSIE: Historically, according to our repayment strategy, it has been very focused on debt. We could have evolved into different types of hedge fund managers based on market conditions, but especially in previous years, I would say, seven or eight years, I think our position was very important in nature, as we tried to achieve universal return. 8% to 10% to plan to operate as a fixed income exchange in an investor portfolio, considering that the traditional fixed income return was very poor. We finally decided that, as a result of this epidemic, we had a huge drag on the debt portfolio segment.


Overall, we recently decided to take a gradual approach to growth in the way we manage the fund, rather than trying to share and change that kind of fixed income return. We wanted to invest in growth-focused executives, both crypto and non-crypto.


Obviously we are very busy in this field. So we decided to make it part of the money that was previously allocated to credit managers and invested directly in crypto assets such as Bitcoin and Ethereum — but then swapped money into crypto-assets like Multicoin, Polychain, Pantera, people that nature.


The role of the SEC


You were among the first to be rejected by the SEC in terms of the ETF for Bitcoin. How do you expect the SEC to continue to handle crypto regulation?


AS: We have taken the position that the government will be, calling it, the law of the "mother bear". They will not overreact to the crypto space, they certainly will not control it.


We think we are fast. So if we are right, and you get an ETF in cash, which opens the floodgates to get more institutional and retail investment. We try to put our clients at ease with us. So that makes sense. Our request was rejected with Fidelity and a few others. So it was either unintentional or unintentional for us.


I think the SEC is taking the position that because Bitcoin trading is happening all over the world, that they do not have a single market release for everything you buy and sell. So they are worried about price fraud. But over time, because of the clarity of the market, I think they will be very comfortable with it.


Big Kahuna is now a Grayscale Bitcoin Trust. They have applied to change their trust, which is trading at a discount. They want to convert to ETFs, which can reduce their payments, but may be better for customers. They spoke publicly when they said, if the SEC does not allow it, then they have a July 1 deadline, they will bring a case against the SEC.



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