SkyBridge Capital founder Anthony Scaramucci advised investors to remain disciplined amid the ongoing crypto chaos. He compared the multi-month sell-off to the bursting of the Internet bubble in 2000, while noting that some cryptocurrencies will survive the winter like Amazon twenty-two years ago.
As the bloodbath deepened, Bitcoin fell to levels not seen since the fourth quarter of 2020. Things are even worse for ETH, trading below 2018 ATH. At a time when the crypto industry is overshadowed by overwhelming fear and panic, renowned investor Anthony Scaramucci advised people to “stay disciplined” in his latest interview with CNBC.
Scaramucci, known for his stance on bitcoin against critics such as Warren Buffett, compared the current bear market to the bursting of the internet bubble in 2020. However, he has hinted that cryptocurrencies like bitcoin could be another Amazon stock as he has seen recent gains. due to the dominance of bitcoin in the overall crypto market.
“In 2000, when many Internet promotions created many stories about Web1, [they] when down to zero, but of course there are a few gems like Amazon that have continued to perform quite well.”
He cited the Terra event to depeel UST and the Celsius Network’s sudden move to stop withdrawals, swaps, and inter-account transfers as one of the catalysts for the bitcoin dump deepening. Under these extreme circumstances, he advised people to stay long and avoid leverage.
Despite his positive stance on the main cryptocurrency, Scaramucci has warned investors in the past to properly scale their investments in BTC. In a previous interview, he shared his bitcoin distribution strategy as follows:
“I don’t want my clients to miss this. I tell them to size it accordingly – it’s 1% of the 3% distribution, 1% to 4% of the cost. You can let it run, of course. But evaluate it accordingly, and then recognize that it will be part of our future.”
Continue buying BTC and ETH
When asked if maintaining discipline meant “hoarding bitcoins,” the bitcoin bull replied “yes,” adding that “with the extra money,” his fund continues to add bitcoin and ethereum to its portfolio. Moreover, he predicted that when people look back on this fiasco in the future, they will regret not buying the failures.
With a private stake in the FTX cryptocurrency exchange, Scaramucci also praised its performance as a profitable company capable of rapidly expanding its market share.
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Credit : cryptopotato.com