“Do the homework on bitcoin, understand what it is,” the founder and managing partner of SkyBridge Capital told CNBC’s “Capital Connection” on Monday. He suggested reading the white paper by the creator of bitcoin, among other materials.
“Anybody that does the homework … ends up investing into it. Look at Ray Dalio, a bitcoin skeptic, now a bitcoin investor,” Scaramucci said, adding that other big-name investors such as Paul Tudor Jones and Stanley Druckenmiller have also bought bitcoin.
“These are brilliant guys [who] did the homework and drew a conclusion that they needed to own a piece of bitcoin,” he said.
“I would be very careful being long that stock and I’d also be very careful being short that stock,” Scaramucci said. “There might be a trapdoor in that stock at a moment’s notice, where, next thing you know, the bees are onto something else.”
He said the hype is “based on nothing other than the fact that it’s” Trump’s SPAC.
Last week, Scaramucci told CNBC that he hopes the SPAC does well.
“I want that thing to go up like another 10 times. The more it goes up, the less likelihood Donald Trump is running for president in 2024, so I’m rooting for that SPAC,” he said. Scaramucci served as White House communications director for a mere 10 days in July 2017 during the Trump administration.
— CNBC’s Jade Scipioni, Ryan Browne, Hannah Miao, Yun Li and Kevin Stankiewicz contributed to this report.
social experiment by Livio Acerbo #greengroundit #flipboard https://www.cnbc.com/2021/10/25/those-who-do-their-homework-end-up-investing-in-bitcoin-scaramucci.html