By Divya Chowdhury and Lisa Pauline Mattackal
DAVOS, Switzerland (Reuters) – SkyBridge Capital is betting on a sustained recovery in cryptocurrency markets in 2023, company founder Anthony Scaramucci said, while admitting that view was “too bullish”.
“If bitcoin could get back to $35,000, SkyBridge would have an incredible year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland.
January’s crypto rally could be sustained as the “halving” of 2023, when the number of new bitcoins released will be halved, will limit supply and push prices higher, he said.
Bitcoin is trading at around $20,800, a 26% gain so far this year after falling more than 64% in 2022.
SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and is also eyeing the structured credit market to generate returns in 2023 after the company’s losses in 2022.
“Structured credit, mortgage-backed securities, credit card debt, auto loans — it’s an attractive space again,” Scaramucci said. As of September last year, his firm was managing $2.2 billion, including $800 million in investments related to digital assets.
Scaramucci has confirmed that SkyBridge hopes to buy out a 30% stake in FTX before the middle of the year, but the timing is uncertain as the cryptocurrency exchange’s bankruptcy process unfolds, he said. .
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(Reporting by Divya Chowdhury in Davos; Additional reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Alexander Smith)