Anthony Scaramucci’s hedge fund, SkyBridge Capital, reportedly suffered big losses during 2022’s crypto winter.
According to a new Bloomberg report, SkyBridge’s biggest fund went down 39% on the year due to investments in slumping digital assets and bankrupt crypto exchange FTX.
Investors attempted to withdraw 60% of the fund’s capital during the September 30th redemption period, but they only received 10%, according to the report, which also finds that SkyBridge intends to only allow 5% of the capital to exit for the upcoming March 31st redemption period.
Despite the heavy losses, Scaramucci continues to extol the virtues of crypto assets, arguing that now is a good time to invest in them.
In a recent YouTube interview with crypto influencer Scott Melker, the SkyBridge CEO and founder predicts the U.S. Federal Reserve will soon alter its course and pivot from its tight monetary policies, which would boost the value of Bitcoin (BTC).
“It is impossible for the Fed if you have $31 trillion of debt on its way to $34 trillion and you got interest rates rising, the federal government is not going to be able to make sense of their budget with a $1 trillion to $1.5 trillion interest rate payment to all the debt holders.
That’s number one. Two, I believe that the Fed is going to declare victory. Inflation is going to go down because of technology. And they are going to start cutting rates or guiding people to lower rates, which is going to boom the market and boom Bitcoin.”
