Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Hedge fund manager Scaramucci says GameStop saga is “bigger proof” that Bitcoin will work | Currency News Financial and business news

Hedge fund manager Scaramucci says GameStop saga is “bigger proof” that Bitcoin will work | Currency News Financial and business news

Anthony Scaramucci

SkyBridge Capital co-founder Anthony Scaramucci claims that the victory of retailers against short sellers in the battle for GameStop is positive for bitcoins.

Scaramucci said in an interview with Bloomberg that the impact of small retail groups shows the strength of decentralized financing – the very concept behind bitcoin.

Money management, once seen as limited to a concentrated group of highly paid advisers, is being democratized through smartphones and cheap online commerce, Scaramucci said.

“GameStop activity is more proof of the concept that bitcoin will work,”

; he said. “How are you going to beat this decentralized crowd? This is more confirmation to me about decentralized funding.”

Reddit traders are feasting on the rapid rise of GameStop after their online publications called on others to join the trade, which increased the value of the video game retailer’s shares by about 600% in just 10 trading days. That led short sellers to lose a record $ 5 billion in stock betting this year, according to S3 Partners.

Barron’s said a US securities regulator suggested there was something “systematically wrong” in options trading around GameStop’s stock.

“This is the age of the micro-investor and you better take him seriously – otherwise you will be taken to the cleaners,” Scaramucci said.

Read more: The CEO of the world’s largest asset manager warns that companies will “suffer” if they do not reduce carbon emissions. Read excerpts from his letter to CEOs.

Scaramucci’s SkyBridge has an exposure to bitcoin of about $ 385 million, according to Bloomberg. The company’s bitcoin-focused fund, the SkyBridge Bitcoin Fund, now has about $ 60 million, he said.

Bitcoin was the best performing asset in the world last year with a rally of 300%. The return on a digital token exceeds gold by more than 10 times.

Fighting inflation in an era of unprecedented monetary and fiscal experiments, as well as a significant reduction in the supply of new bitcoins, have helped fuel its impressive growth.

The price of a single bitcoin is about $ 10,000 lower than its record level of over $ 41,000 at the beginning of the month. It traded at $ 31,031 on Wednesday at 9:20 a.m. GMT, or 4:20 p.m. ET, down about 4 percent on Coinbase Day.

Read more: MORGAN STANLEY: Buy these 9 sports betting stocks ahead of the expected legalization of the industry in 12 countries this year and its growth to $ 10 billion in 2025.

Source link