SkyBridge Capital’s founder’s experience with the crypto industry has not always been positive.
In a recent interview, the former partner of Sam Bankman-Fried doubled down on his belief that the FTX founder is the crypto spin-off of Bernie Madoff.
Nevertheless, Scaramucci added that he is sticking with crypto and bitcoin and provided his company’s intrinsic BTC value at the moment.
- The former White House Director of Communications for the Trump administration entered the cryptocurrency space shortly after the COVID-19 pandemic broke out and has become a permanent member since then, taking every opportunity to praise and invest in bitcoin.
- Speaking to Bloomberg earlier this week, Scaramucci doubled down on his support for the asset despite the recent calamity in the sector and his personal experience.
- He said BTC’s current USD value of around $27,000 is actually an understatement as his company believes “intrinsically bitcoin is worth about $40,000.”
- Scaramucci justified the higher price with the increasing adoption of the cryptocurrency, including the growing number of addresses, as well as miners earning more rewards compared to last year.
- He also compared BTC’s adoption, with over 300 million wallets as of now, to the Internet back in 1998, which is around 4% of the global population. As such, once this percentage doubles to 8, investors will see “explosive returns” from their bitcoin exposure.
- Aside from BTC, Scaramucci was involved with FTX last year as the now-defunct exchange acquired a 30% stake in SkyBridge Capital.
- Given everything that happened with SBF just a few months after that deal, Scaramucci has turned against his former partner, calling him the Bernie Madoff of crypto in the past. In the most recent interview, he even went a step further:
“You’re mentioning the Sam Bankman-Fried thing. It was almost like if John Meriwether and Bernie Madoff had a baby, it was Sam Bankman-Fried. You got everything in that story. You got fraud, you got over-leverage, you’ve got excess confidence. And it caused a really big depression in the markets.”