Skybridge Capital Cofounder Says Gamestop Activity Is 'More Proof That Bitcoin Will Work'

The New York-based Skybridge Capital cofounder, Anthony Scaramucci, recently explained that this week’s Gamestop fiasco is positive for the global cryptocurrency bitcoin. Scaramucci’s statements follow the global investment manager’s recent dive into the crypto economy by gathering exposure to over $300 million worth of the cryptocurrency.

Skybridge Capital Cofounder Says Gamestop Stock Activity Bolsters the Concept of Bitcoin

The recent Gamestop stock saga has shown the world the power of social media and financial technology combined. Meme lords, Redditors, Discord users, Twitter heads, 4chan trolls, and a number of other internet lurkers have caused a major disruption in the traditional finance world.

News.Bitcoin.com recently reported on the Gamestop (GME) shares skyrocketing, and the madness has also leaked over to other stocks like AMC and Nokia. Moreover, a number of popular entrepreneurs like the American-Canadian venture capitalist Chamath Palihapitiya and Tesla’s Elon Musk have also added to the conversation.

This week, Skybridge Capital cofounder Anthony Scaramucci also discussed the Gamestop situation during an interview. Scaramucci said that retail traders have shown the power of decentralized finance and the impact solidifies the leading crypto asset bitcoin (BTC). Scaramucci also served as President Donald Trump’s communications director for 11 days.

‘The Age of the Micro Investor’

Scaramucci believes the recent stock market action affirms that the Bitcoin experiment will be successful. Just recently, Scaramucci’s Skybridge Bitcoin Fund debuted when it “initiated a position, valued at approximately $310 million,” at the time of the announcement.

In his recent interview, Scaramucci explained the Skybridge Bitcoin Fund has roughly $60 million while the company has exposure to about $385 million. “It’s the age of the micro investor and you better take it seriously – otherwise you’ll get taken to the cleaners,” Scaramucci said about this week’s GME stock fiasco.

“The activity in Gamestop is more proof of concept that Bitcoin is going to work,” he further said. “How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance.”

Meanwhile, as cryptocurrency fans have been cheering on the degenerates at r/wallstreetbets, a number of the subscribers have been discussing the possibility of producing a massive short squeeze with Silver. One thread on r/wallstreetbets suggests the power of the masses could squeeze the price of silver from $25 to $1,000.

“Inflation-adjusted silver should be at $1,000$ instead of $25,” the creator of the post u/jjalaj30 wrote. “Why not squeeze $SLV to real physical price. Think about the gains. If you don’t care about the gains, think about the banks like JP Morgan you’d be destroying along the way,” he added.