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

DAVOS, Switzerland, Jan 16 (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the agency’s founder Anthony Scaramucci mentioned, whereas admitting this view was “overly bullish”.

“If bitcoin may commerce again to $35,000, SkyBridge goes to have an incredible yr,” Scaramucci instructed the Reuters World Markets Discussion board in Davos, Switzerland.

January’s crypto rally may very well be sustained as 2023’s “halving”, when the variety of new bitcoins launched is minimize in half, will constrain provide and drive costs greater, he mentioned.

Bitcoin is buying and selling at round $20,800, a 26% acquire thus far this yr after falling by greater than 64% in 2022.

SkyBridge has invested in bitcoin, ethereum , solana and altcoin algorand , and can be eyeing the structured credit score market to drive 2023 returns after the agency’s losses in 2022.

“Structured credit score, mortgage-backed securities, bank card debt, auto loans — that is a pretty house once more,” Scaramucci mentioned. As of final September, his agency managed $2.2 billion, together with $800 million in digital asset-related investments.

Scaramucci confirmed that SkyBridge hopes to purchase again a 30% stake from FTX earlier than the center of the yr, however the timeline is unsure because the cryptocurrency alternate’s chapter course of unfolds, he mentioned.

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Reporting by Divya Chowdhury in Davos; Further reporting by Nishara Karuvalli Pathikkal in Bengaluru; Modifying by Alexander Smith

Our Requirements: The Thomson Reuters Belief Ideas.