July 23, 2024
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Anthony Scaramucci, The Founder of SkyBridge Capital Warns Against Shorting Coinbase (COIN) Stock


Anthony Scaramucci, the founder and managing partner of global alternative investment firm SkyBridge Capital, has urged investors against shorting Coinbase (NASDAQ: COIN) stock.

“An SEC-registered investment adviser and worldwide alternative investment manager that invests in hedge funds, digital assets, private equity, and real estate,” according to SkyBridge Capital.

Scaramucci claimed he disagreed with fellow hedge fund founder Jim Chanos’ mistrust of Coinbase in a new interview with CNBC Overtime. Coinbase, according to Scaramucci, is a leader in the crypto business with huge growth potential.

Regardless of declining margins, he projected that the market would “proliferate,” resulting in enormous growth for Coinbase.

Scaramucci also dismissed any similarities between Coinbase and Enron, claiming that the former had committed no fraud. Before Enron’s downfall in 2001, Chanos made a fortune by shorting the scandal-plagued company.

Scaramucci went on to say that Chanos was failing to adequately understand the decentralized market’s complexities.

Scaramucci also mentioned Goldman Sachs as the first big bank to participate in an over-the-counter Bitcoin exchange with Galaxy Digital. Then, citing it as evidence of the bank’s interest in crypto-related products.

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