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Billionaire Hedge Fund Veteran Anthony Scaramucci Warns Against Short Selling Coinbase Stock (COIN) – Here’s Why

SkyBridge Capital founder Anthony Scaramucci says he disagrees with a fellow hedge fund supervisor’s skepticism towards America’s largest cryptocurrency market.

In a brand new interview with CNBC Overtime, Scaramucci says that Kynikos Associates founder Jim Chanos is viewing Coinbase as if it had been a brokerage inventory, fairly than a pacesetter inside an business that also has the potential to develop considerably.

“There’s exponential development that’s going to occur within the cryptocurrency markets. There’s the chance of a money ETF [exchange-traded fund], if not on the finish of this yr, definitely by the top of subsequent yr.

There’s going to be a proliferation of the market. So even when the margins are coming down, there’ll simply be explosive development that Coinbase goes to seize.”

Scaramucci additionally notes a vital distinction between Coinbase and the vitality agency Enron, which Chanos shorted previous to its collapse in 2001.

“Nowhere have I read anywhere that he thinks there’s fraud at the company like he did in things like Enron that he potentially shorted.”

The billionaire businessman additionally believes that Chanos is analyzing the brand new area of decentralized finance with metrics extra becoming for conventional finance.

“I would actually caution him to do that, and spend some more time with the company to see all the different things they’re working on and all the potential revenue avenues.”

When requested about Goldman Sachs turning into the primary main financial institution to take part in an over-the-counter Bitcoin (BTC) commerce with Galaxy Digital, Scaramucci says it signifies that the younger asset class has handed an essential check that bodes effectively for the longer term.

“This is apropos to Goldman’s tradition. They like to sit down again and wait and see different folks doubtlessly innovate.

But then after they are available in, they normally are available in at [a] very massive measurement and scale. That’s telling me that they’ve demand for Bitcoin and crypto-related merchandise.

That once more speaks in opposition to the long-term, macro fundamentals that Jim is saying.”

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your individual threat, and any loses you could incur are your duty. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Digital Store

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