Banking & Finance Scaramucci’s SkyBridge expects bitcoin at $35,000 this year By Reuters January 18, 2023 REUTERS/Richard Brian Bitcoin is trading at around $20,800, a 26 percent gain so far this year 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”. “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. 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. Bitcoin is trading at around $20,800, a 26 percent gain so far this year after falling by more than 64 percent in 2022. 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. “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. Scaramucci confirmed that SkyBridge hopes to buy back a 30 percent stake from FTX before the middle of the year, but the timeline is uncertain as the cryptocurrency exchange’s bankruptcy process unfolds, he said.