By Divya Chowdhury and Lisa Pauline Mattackal
DAVOS, Switzerland (Reuters) – SkyBridge Capital is betting on a continued turnaround in cryptocurrency markets in 2023, company founder Anthony Scaramucci said, admitting that this view was “overly optimistic”.
“If bitcoin could trade to $35,000, SkyBridge is in for a great year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland.
January’s crypto rally could be sustained as the 2023 “halving,” when the number of new bitcoins released is cut in half, will limit supply and push prices up, he said.
Bitcoin is trading at around $20,800, up 26% so far this year after falling more than 64% in 2022.
SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and is also looking to the structured credit market to boost returns in 2023 after the company’s losses in 2022.
“Structured credit, mortgage-backed securities, credit card debt, auto loans — that’s another attractive space,” Scaramucci said. As of last September, his company managed $2.2 billion, including $800 million in digital asset investments.
Scaramucci confirmed that SkyBridge hopes to buy back a 30% stake of FTX before the middle of the year, but the timeline is uncertain as the cryptocurrency exchange’s bankruptcy process unfolds, he said.
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(Reporting by Divya Chowdhury at Davos; Additional reporting by Nishara Karuvalli Pathikkal at Bengaluru; Editing by Alexander Smith)