Davos 2023: Scaramuccis SkyBridge bets on $35k bitcoin, targets credit

Davos 2023: Scaramucci's SkyBridge bets on $35k bitcoin, targets credit

DAVOS, Switzerland (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the firms founder Anthony Scaramucci said, while admitting this view was “overly bullish”.

“If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland.

January‘s crypto rally could be sustained as 2023’s “halving”, when the number of new bitcoins released is cut in half, will constrain supply and drive prices higher, he said.

Bitcoin is trading at around $20,800, a 26% gain so far this year after falling by more than 64% in 2022.

SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and is also eyeing the structured credit market to drive 2023 returns after the firms losses in 2022.

“Structured credit, mortgage-backed securities, credit card debt, auto loans — thats an attractive space again,” Scaramucci said. As of last September, his firm managed $2.2 billion, including $800 million in digital asset-related investments.

Scaramucci confirmed that SkyBridge hopes to buy back a 30% stake from FTX before the middle of the year, but the timeline is uncertain as the cryptocurrency exchanges bankruptcy process unfolds, he said.