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The future of crypto is upon us, says SkyBridge Capital's Anthony Scaramucci - YouTube
Channel: CNBC Television
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bitcoin hitting its highest level in
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about two months an asset management
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giant blackrock launching a private
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trust to track bitcoin for its
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institutional clients joining us now to
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talk about whether these headlines
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indicate that we're emerging from the
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crypto winter anthony scaramucci
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skybridge capital founder and managing
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partner and the cnbc contributor anthony
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good to see you
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good morning
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i think the last time we talked to you
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uh one of your funds legion had just
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suspended redemptions and so i guess you
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know the flip side of this anthony is
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are you starting to see investor
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interest once again because that would
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seem to be a real sign that crypto
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winter the end is near
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well the short answer to that is yes but
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i think the the longer answer as the
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liquidity re-enters that market of
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course will release that suspension so
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that's good news there and again it was
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what i said a few weeks ago i just want
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to caution people
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to see through the current environment
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you're getting better than expected
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inflation data
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before i came on this morning melissa i
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was just looking at the fourth quarter
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2019
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gdp numbers the inflation and
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unemployment numbers um and if you just
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stop and think about it we hit pause the
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pandemic created this havoc we inducted
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a lot of money into the system that
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caused some inflation and obviously had
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the supply chain disruption but you
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could very well get back to that fourth
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quarter 2019
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which was a very strong economy low
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unemployment and benign inflation that's
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probably six to 12 months away and i
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think the market's starting to realize
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that
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um the crypto market obviously it's our
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belief that most of the leverage is
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completely out of that system and so
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you're seeing a very strong recovery
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it's just a reminder to investors not to
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pull out
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uh fight their own fear uh stay patient
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and stay long-term you know we've had a
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45 bounce in our coin fund since i last
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saw you um obviously since uh the the
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bad news hit that seemed to be the
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bottom we'll have to wait and see
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mooch great to see you
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uh i'm i'm curious to get your thoughts
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thanks to you too tom
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it's uh curious get your thoughts on
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bitcoin and ethereum on the one hand
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versus all of the other you know
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so-called altcoins setting setting aside
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stable coins do you have a a as
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constructive of you on the altcoin kind
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of universe as you do on bitcoin
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ethereum are you really focusing on on
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those two
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so we have a very large position and a
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smaller coin called algorand we think
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that has uh award-winning technology we
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also think it solves for the trilemma we
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also like solana uh but your your
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question about bitcoin and ethereum tom
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those are our two largest positions as
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it relates to bitcoin
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uh we think that the improvement of the
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lightning network the increase in
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applications and the the ease of
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transactions on bitcoin you're going to
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see a lot more
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commercial activity there and of course
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you have the merge coming with ethereum
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which is going to lower the transaction
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fees on that network
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a lot of traders are probably buying
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that rumor tom you're well familiar with
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this they'll probably sell on the news
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of that merger which is going to happen
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in mid-september but again i would
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caution people not to do that these are
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great long-term investments
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um
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in the next
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six years if we're right if bitcoin goes
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to three hundred thousand dollars a coin
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it will not matter whether you bought it
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at twenty thousand
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sixty thousand is really not going to
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matter uh and i'm just cautioning people
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uh the future is upon us it's happening
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sooner than i thought the blackrock news
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i know you're looking at that i'm
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looking at that saying okay finally
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larry fink is seeing the institutional
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demand otherwise he wouldn't be setting
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up those products and he wouldn't be
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teaming up with coinbase and so when
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this stuff happens i just want to remind
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people there are only 21 million
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bitcoins out there uh and you'll have a
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demand shock uh with very little supply
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so anthony for ethereum specifically it
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sounds like a long term you're believer
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but short term there is a trade that
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will likely happen is the coin fund
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trading around that at all
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actually no we're we're we're long it uh
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i'm trying to condition clients to just
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stay in there there's no reason for us
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to create that friction i think you you
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and i know melissa and i've seen you
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talk about this on fast money if you're
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out of the market for the 10 best days
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you've reduced your return from like a
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seven and a half percent return to a two
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percent return that's the overall stock
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market and so i don't want to start
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hurting and jerking the portfolio based
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on emotion
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again we're up 45 since we last spoke we
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did nothing but hold the positions and
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stick to our discipline i think that's
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the message i'm trying to send to
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investors uh see through this
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there's a lot of short-term people
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there's a lot of research departments in
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different wire houses that have
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knee-jerk reactions to things and they
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get overly emotional um we're trying to
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tell people just relax see through this
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uh we we see a pretty optimistic
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scenario for bitcoin ethereum solana and
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algorand over the next 12 to 24 months
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