By Divya Choudhury and Lisa Pauline Mattakal
DAVOS, Switzerland (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, company founder Anthony Scaramucci said, while admitting the view was “extremely bullish.”
“If bitcoin can sell to $35,000, SkyBridge will have a great year,” Scaramucci said at the Reuters Global Markets Forum in Davos, Switzerland.
January’s crypto rally could be sustained because the 2023 “halving,” when the number of new bitcoins issued is cut in half, will limit supply and drive up prices, he said.
Bitcoin is trading at around $20,800, up 26% this year after a more than 64% decline in 2022.
SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and is eyeing a structured credit market to drive returns in 2023 after the firm’s losses in 2022.
“Structural loans, mortgage-backed securities, credit card debt, auto loans, it’s an attractive area again,” Scaramucci said. As of last September, his firm managed $2.2 billion, including $800 million in digital asset investments.
Scaramucci confirmed that SkyBridge hopes to buy back a 30% stake in FTX by the middle of the year, but the timeline is uncertain as the cryptocurrency exchange’s bankruptcy proceedings unfold, he said.
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(Reporting by Divya Choudhury in Davos; Additional reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Alexander Smith)