SkyBridge raised $100M for an Algorand after it revealed that they hold $700 million worth of cryptocurrency so let’s read more in our latest cryptocurrency news today.
Investment company SkyBridge raised $100M for an Algorand fund and hopes to expand its crypto offerings which is why it filed for a crypto-focused exchange-traded fund, revealing even more plans during the SALT conference in New York. Speaking to CNBC, SkyBridge founder and ex-White House Communications Director Anthony Scaramucci, said the company raised more than $100 million to an Algorand fund and added that the company now holds about $700 million worth of crypto assets.
Scaramucci asserted that crypto is here to stay and added that the regulators have to act very fast if they intend to stem the fast adoption of the technology. He added:
“This is a lot like Uber — the regulators wanted to knock Uber out of business, but the people wanted Uber and the people won. Before long there will be 200 million [crypto] users in the United States.”
His comments came after many onlookers feared a regulatory crackdown that was led by the US Securities and Exchange Commission. Despite the disagreements with SEC Chair Gery Gensler and his clarification of crypto as “rife with fraud and abuse” Scaramucci outlined his appreciation for the position, Gensler is in. He’s got plenty of people in Congress that don’t really understand crypto as he said:
“There’s a lot of negativity. I would implore people like Senator Elizabeth Warren to come to a conference like this and sit with people in the industry so she can understand what the protocols actually are […] I think we’ve got to get everybody up the curve in terms of education.”
However, other financial giants speaking at the event don’t really share Scaramucci’s optimism when it comes to the ability for crypto adoption to outrun the grasp of the regulations. Ray Dalio, the founder of the world’s third-biggest hedge fund Bridgewater Associates predicted the increasing popularity of crypto will only draw the ire of lawmakers:
“At the end of the day if it’s really successful, […] they will try to kill it. And I think they will kill it because they have ways of killing it.”
Despite the outlook, Dalio said cash is trash and added that all monetary assets that offer an alternative to cash are worth considering like Bitcoin:
“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in Bitcoin.”
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