SkyBridge Capital founder Anthony Scaramucci is unveiling what he believes will be the catalyst that brings the crypto markets back to life.
In a new interview with CNBC, the hedge fund veteran says that despite the crash of Terra (LUNA) that wiped out tens of billions of dollars in wealth, investors continue to show interest in the crypto space.
“The LUNA Terra debacle caused a shockwave through the market. It is causing a cleansing of the market and a lot of the altcoins in the space…
There’s billions of dollars of capital entering the space, including the Andreessen Horowitz $4.5 billion capital raise that they announced this week. I like following the numbers. Use cases are going up, wallets are going up and there’s exponential growth in the industry.”
Despite the deep correction in the markets, Scaramucci is optimistic that the SEC approval of a cash-based exchange-traded fund (ETF) will be bullish for crypto.
“Like all early technology, you have these waves of volatility. Fear, uncertainty and doubt [are] the lead right now. I predict, until we get a cash ETF approved in the United States… we’ll probably see this thing languishing for a period of time.
When we get the cash ETF, I think we’ll be off to the races. And remember, Fidelity made an announcement that they’re putting this stuff in their 401(k) product offering, so I think very good times are ahead. We just have to be patient.”
