'Act like you're dead': What Anthony Scaramucci tells clients nervous about bitcoin's big swings
Wall Street Week
- Bitcoin investors shouldn't sell amid high volatility, Anthony Scaramucci said.
- He said clients have been dismayed by the crypto's big price swings.
- He said at the Bitcoin Investor Day conference that his advice to clients is to "act like you're dead."
The best thing bitcoin investors can do is nothing, according to Anthony Scaramucci.
In a Friday panel with Anthony Pompliano at the Bitcoin Investor Day conference, the SkyBridge Capital founder said the firm's clients have generally been "happy" with bitcoin allocations, but "not super happy" given the asset's large price fluctuations.
"They don't like the volatility ride," Scaramucci told attendees. "The hardest thing for anyone in this room to do is to do nothing."
Scaramucci, who is a three-decade Wall Street veteran and briefly worked as the White House Director of Communications under Donald Trump, added that he thinks bitcoin's total market cap could eventually be near that of gold, which the World Gold Council pegs at about $12 trillion for all that's ever been mined.
"The dead people at Charles Schwab do far better than the living people," he said. "So act like you're dead with your bitcoin and don't sell your bitcoin. Don't do anything with it. Hopefully, we can continue to coach our clients to listen to that mantra. "
The world's largest cryptocurrency has attracted a tidal wave of demand since January, when the Securities and Exchange Commission approved 11 spot bitcoin ETF products, including those from major asset managers like BlackRock and Fidelity.
Bitcoin has gained roughly 44% year-to-date, and on Friday it hovered around $63,750.
While institutional demand has ramped up, markets are also bracing for the upcoming halving event, which is expected to happen in April. That occurrence, industry experts say, could create a supply shock and ultimately push the price of bitcoin higher.
ARK Invest CEO Cathie Wood said Friday at the conference that bitcoin could see millions more tacked onto her firm's current price target of $1.5 million by 2030, suggesting the token could go as high as $3.8 million given the latest developments. Ark was one of the 11 firms the SEC approved for an ETF.