Internationally-acclaimed American financier, Anthony Scaramucci conceded that investing in Bitcoin was a short-term mistake. He admitted that he and his investment company, Skybridge Capital, have incurred significant losses from their Bitcoin investments due to the current crypto winter.

He also however stated that while it has been a short-term disaster, he still believes in the future of Bitcoin and intends to hold his assets for as long as possible without dumping them on the market.

In an interview with CNBC, he shared that he had no regrets about investing in Bitcoin although he and his company had incurred heavy losses from their investments. He also reaffirmed his belief in Bitcoin’s long-term potential and shared his conviction that Bitcoin was going to be a significant part of the future.

He stated that he wanted to measure the Bitcoin investment over a four-year total, saying that anybody who held Bitcoin over four years will have made money.

He likened Bitcoin’s current predicament to Amazon’s early days. He pointed out that investors had bought Amazon shares in March 2000. Subsequently, bearish market conditions caused Amazon’s share price to dwindle by over 90%. Many investors then thought Amazon as an investment opportunity earlier was a mistake.

Two decades later, Amazon has become a multi-million dollar e-commerce industry that has shamed the negative press. Interestingly, a former manager at BlackRock, Edward Dowd echoed Scamarucci’s thoughts when he described Bitcoin as the Amazon of the crypto era.

However, Scamarucci’s company is in dire straits following the exodus of many of its primary investors because of the company’s poor performance over the past four months. The company is at the risk of losing over $850 million as investors are demanding their money back.

One of Skybridge’s funds, Legion strategies, has already suspended redemptions of invested funds leaving investors unable to get back their money.

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    Felix Aikhuele
    July 25, 2022

    Bitcoin is the currency of the future. It’s definitely a long term investment.

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