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.
Saccarramussi About short-selling Coinbase (NASDAQ: COIN) stock.
As reported by The Daily Hodl, Scaramucci said:
There’s exponential growth that’s going to happen in the cryptocurrency markets. There’s the likelihood of a cash ETF [exchange-traded fund], if not at the end of this year, certainly by the end of next year.
Scaramucci predicted there would be a “proliferation” of the market that would lead to explosive growth for Coinbase, regardless of falling margins.
Scaramucci also disagreed with any comparisons between Coinbase and Enron, saying that he was unaware of any fraud at the former. Chanos made a fortune by shorting scandal-ridden Enron before its collapse in 2001.
Scaramucci continued, warning that Chanos was failing to properly analyze the intricacies of the decentralized market:
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.
Finally, Scaramucci also mentioned Goldman Sachs as the first big bank to participate in an over-the-counter Bitcoin exchange with Galaxy Digital, citing it as evidence of the bank’s interest in crypto-related products