Congress crypto testimony is ‘by and large very positive’, according to SkyBridge Capital founder

Congress crypto testimony is ‘by and large very positive’, according to SkyBridge Capital founder
10 months ago
2 mins read

A delegation of six major cryptocurrency firms will address Congress on Wednesday, December 8, urging lawmakers to proceed cautiously when enacting new regulations on digital currencies, lest they push activity underground or abroad.

Speaking to CNBC, the SkyBridge Capital founder Anthony Scaramucci shared his thoughts on cryptocurrency legislation in the United States and offered some of his crypto investment recommendations. On the matter of the crypto hearing, Scaramucci stated:

“You guys did mention the crypto testimonies later today. I think that’s by large very positive I’m hoping for what I would call ‘mama bear regulation’ something in the middle for cryptocurrencies.”

He added:

“Frankly the more regulation from the United States and the greater invitation to make sure that the cryptocurrency market is based in the United States I think is by and large very positive, so there’s a lot of good things coming. I’m not a doom and gloomer today.”

Scaramucci bets on Coinbase and Microstrategy in 2022

Furthermore, the hedge fund manager and founder of Skybridge was questioned about his cryptocurrency predictions in 2022, including whether or not markets would remain well supported into the new year, and if so, which trade he could not live without.

On the matter, Scaramucci responded:

“So again I would be recommending Coinbase and Microstrategy to people those are two trades i don’t think we can live without but as it relates to Bitcoin and Ethereum and a few other coins like Algorand, I think they’re set up nicely for the beginning of the year and I expect more institutions will be buying them.”

In his opinion, the sluggishness in this market and why we haven’t seen as much of a rebound with Bitcoin is down to profit-taking. Scaramucci pointed out that if you go back to where we were at this time last year, the value of these coins is somewhere between three and a half and six times what they were. 

As a result, the hedge fund manager believes that there will be a significant uptick in institutional purchases by January. 

It’s worth mentioning that Scaramucci is a proponent of crypto, describing Bitcoin as “digital gold,” and previously claimed to have “over $1 billion” in BTC, which he began acquiring last year.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.