The firm has seen its value of its assets dropped by more than half since october, and its token sell has now raised 97. im going to say it again: 97 of its value in the same time frame take a look at bitcoin right now and some of The other cryptocurrencies, because it is a bloodbath this morning, uh bitcoin down now under 24 thousand, were at twenty three thousand six hundred nine dollars ether coming down. Twenty percent were at one thousand one hundred eighty six dollars join us right now to discuss it all: anthony scaramucci, skybridge capital, founder and cnbc contributor, anthony its its good to see you um, and i want to get your thoughts on a morning. Uh like this. It kind of feels like we are, i dont know if were doing a full round trip, but uh were getting close, uh well, a full round trip on crypto or the overall market. I mean i i i think i think both are in question right now, because, as you and i both know, interest rates going up, one to two percent rise in interest rates easily take 10 to 15 out of the market, andrew, so everythings being impacted. But watching you guys this morning, it makes me think of march of 2000, unfortunately, im old enough to remember that, where internet stacks were cratering many of the web, one stories went to zero and then, of course there were a few uh gems things like amazon.

That went on to do very well, and i i am encouraged by the fact that bitcoin is above 50 of the overall crypto market cap right now, uh, which is again another sign that theres a flight to quality there. Now, of course, celsius is putting pressure on it, uh the same way that the lunar terrorist situation put pressure on it about six weeks ago, so were in a bloodbath uh. This is my eighth bear market. I expect to survive this one as well, but i think its just caution: people to stay unlevered uh, but keep to your long term investment discipline. Everybody has a long term perspective until they have short term losses andrew and then they start to set their hair on fire and run around in a circle. I would recommend people just stay disciplined uh and like joe dont, look at your 401k statement, but anthony does staying disciplined mean buying on a day like today. Are you out there i mean you have been bullish on bitcoin if youre a true stacker? Is this the time to stack? Listen, i i certainly think so, and with incremental cash that comes into our funds, we have bought more bitcoin and ethereum uh. We have a private stake in ftx. Ftx is doing very well, its gaining market share uh and it is a profitable company um. So yes, i mean the the truth be told people will look back on this debacle and say i wish i had fresh cash to buy into that.

Could it lay down some more certainly uh? We will. We all know that whatever you think cannot happen on wall street likely does happen. Uh, and so were were ready for every scenario, but i think the one thing is internally. When you say you could leg down when you say it could leg down to your partners and you look at the the risk reward. Whats whats the low in your mind, and also whats the opportunity in your mind, short term. Well, it would be impossible for me to predict the low, but if you were at consensus last week in austin – and you saw all of the robust development thats going on in web three and you see the money thats being deployed uh, i think that the the Upside is enormous. I still believe that bitcoin can easily get to a hundred thousand uh dollars a coin over the next 12 to 24 months. But youre gon na have to settle out where the markets are uh and and listen. We could get better inflation data by the end of the year as the pandemic subsides and as a supply chain starts to get more connected, andrew, so lots of bad news out there – everybody. I know i was at the yankee game yesterday. Everybody knows resoundingly bearish, thats, usually a good sign. You and i were in davos, switzerland. A few short weeks ago, everybody resoundingly bearish the last time people were that bearish was in 2009 uh when i was in davos, so theres a lot of contrary indicators out there.

I cant predict the future, but what i can see is theres a tremendous amount of robust development and and adoption remember these investment banks in 2018. They shelve their cryptocurrency ideas today, theyre doing derivative trades in things like ethereum, i dont think theres any going back. Uh lots of good information out there lots of positives as it relates to fundamentals.