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November 10, 2020

In Conversation With

Why SkyBridge Capital has yet to buy digital assets with Anthony Scaramucci

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Skybridge Capital is currently investing in gold amid an economy in which the Fed is printing money, which the firm expects will drive the price of the store-of-value asset higher. Anthony Scaramucci, founder and managing partner at SkyBridge, discussed how the firm views digital assets, saying:

(11:40) “At the fund level, we have yet to buy digital assets. But what our firm has been doing since I returned to SkyBridge in 2018, we’ve done a deep dive into the digital asset space. I am a fan. I believe that digital assets have a future. Obviously the blockchain has a future. And digital assets, because of the way our generations work, the millennials are enraptured by digital assets…that bubble of demography is going to push digital assets up in my opinion into the stratosphere.”

Scaramucci also addressed the blend of fiat and digital currencies and the role of central bank digital currencies, saying:

(15:01) “I think that the digital yuan is a transformative moment. The US is reluctant to do that…They want to be able to control the picture. They’ve been using the US dollar as a foil against our political adversaries, you know whether we’re sanctioning North Korea, we’re sanctioning places like Iran or freezing dollar assets around the world for our adversaries. You can’t do that in the digital marketplace as we both know. And so I think that’s where the general reluctancy is from the United States and I think that’s the reason why the US Treasury came so hard at Libra.”

Scaramucci said there’s a very large group of the population that is willing to define value in Ethereum and bitcoin in the same way they would a dollar. He said the question is how do you invest in it, adding:

(21:26) “I have been slower moving on it because I’ve got my own complications in my own business. Will SkyBridge someday have a digital asset fund or be affiliated with a digital asset fund? I think that’s a distinct possibility. I’m waiting because I’m tied to a lot of these old firms. You know my marketing platform is tied to places like Merrill Lynch and Morgan Stanley and UBS. And so I don’t want them to think I’m losing the investment discipline that I have in my core business by reaching into that area yet. But as it starts to mainstream, we’ll definitely be more involved.”

Skybridge Capital is currently investing in gold amid an economy in which the Fed is printing money, which the firm expects will drive the price of the store-of-value asset higher. Anthony Scaramucci, founder and managing partner at SkyBridge, discussed how the firm views digital assets, saying:

(11:40) “At the fund level, we have yet to buy digital assets. But what our firm has been doing since I returned to SkyBridge in 2018, we’ve done a deep dive into the digital asset space. I am a fan. I believe that digital assets have a future. Obviously the blockchain has a future. And digital assets, because of the way our generations work, the millennials are enraptured by digital assets…that bubble of demography is going to push digital assets up in my opinion into the stratosphere.”

Scaramucci also addressed the blend of fiat and digital currencies and the role of central bank digital currencies, saying:

(15:01) “I think that the digital yuan is a transformative moment. The US is reluctant to do that…They want to be able to control the picture. They’ve been using the US dollar as a foil against our political adversaries, you know whether we’re sanctioning North Korea, we’re sanctioning places like Iran or freezing dollar assets around the world for our adversaries. You can’t do that in the digital marketplace as we both know. And so I think that’s where the general reluctancy is from the United States and I think that’s the reason why the US Treasury came so hard at Libra.”

Scaramucci said there’s a very large group of the population that is willing to define value in Ethereum and bitcoin in the same way they would a dollar. He said the question is how do you invest in it, adding:

(21:26) “I have been slower moving on it because I’ve got my own complications in my own business. Will SkyBridge someday have a digital asset fund or be affiliated with a digital asset fund? I think that’s a distinct possibility. I’m waiting because I’m tied to a lot of these old firms. You know my marketing platform is tied to places like Merrill Lynch and Morgan Stanley and UBS. And so I don’t want them to think I’m losing the investment discipline that I have in my core business by reaching into that area yet. But as it starts to mainstream, we’ll definitely be more involved.”

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Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017 and after learning about the peer-to-peer nature of Satoshi's creation has never looked back. Previously she covered institutional investing and fintech for several major trade publications. Gerelyn resides in Verona, N.J.

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