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HomeBTCSkybridge Capital founder urges investors to not shorting Coinbase shares

Skybridge Capital founder urges investors to not shorting Coinbase shares

Anthony Scaramucci, the founder and managing partner of SkyBridge Capital and a former White House Director of Communications, has urged investors against shorting Coinbase's (NASDAQ: COIN) shares.

Anthony Scaramucci, founder of SkyBridge Capital, describes himself as an SEC-registered investment adviser and a worldwide alternative investment manager specialising in hedge funds, digital assets, private equity, and real estate.

Scaramucci remarked in a recent interview with CNBC Overtime that he disagreed with fellow hedge fund founder Jim Chanos’ mistrust regarding Coinbase. Scaramucci stated that Coinbase is a market leader in the cryptocurrency business with huge growth potential.

According to sources, Scaramucci stated: 

The cryptocurrency markets are expected to rise at an exponential rate. A cash ETF [exchange-traded fund] is possible, if not by the end of this year, then by the end of next year.

Scaramucci anticipated that the market would “proliferate,” resulting in exponential growth for Coinbase despite lower margins. Scaramucci also refuted any comparisons of Coinbase to Enron, claiming that he was ignorant of any wrongdoing at the former. Chanos amassed a fortune by shorting the scandal-plagued Enron before its demise in 2001.

Scaramucci went on to caution Chanos that he was failing to adequately examine the complexities of the decentralised market. He stated:

He would really advise him against doing so and instead spend some more time with the firm to examine all of the different projects they’re working on and all of the possible income streams.

Scaramucci also emphasised Goldman Sachs’s becoming the first big bank to participate in an over-the-counter Bitcoin exchange with Galaxy Digital, calling it a significant indicator of the firm’s interest in crypto-related goods.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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