\n<\/p>\n
By Divya Chowdhury and Lisa Pauline Mattackal<\/p>\n
DAVOS, Switzerland, Jan 16 (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”.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
Bitcoin is trading at around $20,800, a 26% gain so far this year after falling by more than 64% in 2022.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
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. (Join GMF, a chat room hosted on Refinitiv Messenger: https:\/\/refini.tv\/33uoFoQ) (Reporting by Divya Chowdhury in Davos; Additional reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Alexander Smith)<\/p>\n<\/div>\n