SkyBridge Capital, the famous hedge fund firm founded by Anthony Scaramucci, announced record-breaking monthly returns with its investments in Bitcoin and popular altcoin Solana. According to Scaramucci, October was a historic month for SkyBridge Capital and set new benchmarks in the firm’s performance. Here are the details…
Bitcoin and altcoin comment from SkyBridge: It broke a record
In an interview with Bloomberg TV, Scaramucci expressed excitement over the company’s impressive October results. “We are on a good track right now. “October was probably the best month in SkyBridge’s history,” he said. This increase in returns can be primarily attributed to the upward performance of Bitcoin and various altcoins. However, a cloud of reputational damage has loomed over SkyBridge due to its relationship with Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX. Scaramucci did not shy away from acknowledging the impact this relationship had on their reputation. “I think it damaged our reputation. There is no question about this. It would be naive to think that we are not harmed by this,” Scaramucci said.
Bankman-Fried is currently on trial in New York on charges of fraud and misuse of FTX customer funds. Scaramucci, who seemed confident in the case against him, said, “I think the prosecutors did a very good job of making factual statements about his guilt. But now he’s had his own day in court. “And I think it’s going to be a very sad day for him and his family when this is over.” said. Despite these challenges, Scaramucci underlined the positive impact of strategic investment choices. “A big part of Bitcoin, some of the technology, some of the new economy are things that have been recovering aggressively since the beginning of the year. But of course Bitcoin had an amazing month,” he told Bloomberg.
He has full faith in Bitcoin
Scaramucci also underlined their strong belief in Bitcoin, saying, “We never sold Bitcoin. “In fact, we have accumulated Bitcoin at lower prices this year and it has served us and our customers well.” said. SkyBridge’s belief in cryptocurrencies has paid off significantly, with Bitcoin and Solana among its significant holdings. SkyBridge Capital has previously faced FTX-related challenges. FTX’s venture arm acquired a 30% stake in SkyBridge in September 2020, shortly before FTX ran into financial problems, causing significant losses for its customers.
Scaramucci had tried to use his extensive Middle East network to help Bankman-Fried raise capital to avoid a liquidity crisis. Now it plans to buy back shares from FTX, pending bankruptcy court approval. According to the data, at the time of writing, Bitcoin was trading at $34,281 and has increased by 0.20% in the last 24 hours. SkyBridge Capital’s remarkable October performance serves as a testament to the potential gains and challenges in the cryptocurrency market as it navigates the volatile environment while maintaining a strong belief in Bitcoin’s long-term value.
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