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Economy 33 minutes ago (Jan 16, 2023 01:06PM ET)

Davos 2023: Scaramucci's SkyBridge bets on $35k bitcoin, targets credit © Reuters. FILE PHOTO: Anthony Scaramucci, founder and managing partner of SkyBridge speaks during the SALT conference in Manhattan, New York City, U.S., September 14, 2022. REUTERS/David ‘Dee’ Delgado

By Divya Chowdhury and Lisa Pauline Mattackal

DAVOS, Switzerland (Reuters) – SkyBridge Capital is betting on a sustained turnaround in cryptocurrency markets in 2023, the firm’s founder Anthony Scaramucci said, while admitting this view was “overly bullish”.

“If bitcoin could trade back to $35,000, SkyBridge is going to have an amazing year,” Scaramucci told the Reuters Global Markets Forum in Davos, Switzerland.

January’s crypto rally could be sustained as 2023’s “halving”, when the number of new bitcoins released is cut in half, will constrain supply and drive prices higher, he said.

is trading at around $20,800, a 26% gain so far this year after falling by more than 64% in 2022.

SkyBridge has invested in bitcoin, ethereum, solana and altcoin algorand, and is also eyeing the structured credit market to drive 2023 returns after the firm’s losses in 2022.

“Structured credit, mortgage-backed securities, credit card debt, auto loans — that’s an attractive space again,” Scaramucci said. As of last September, his firm managed $2.2 billion, including $800 million in digital asset-related investments.

Scaramucci confirmed that SkyBridge hopes to buy back a 30% stake from 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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