Notable crypto figures are lining up to quell market fears as investors continue to nurse losses.
From Saylor to Scaramucci, Loyal Investors Quash Crypto Market Gloom
Michael Saylor, chairman of Strategy, quashed concerns that the largest private holder of bitcoin will soon be forced to sell its stash. In an interview with CNBC, Saylor called the rumours “unfounded”.
“We’ve got 50 years worth of dividends and bitcoin, we’ve got two and a half years worth of dividends just in cash on our balance sheet ... we’re not going to be selling, we’re going to be buying bitcoin. I expect we’ll be buying bitcoin every quarter forever,” Saylor said. His defiance comes as Strategy continues to leverage its position as the pre-eminent institutional proxy for the digital asset.
Scaramucci and Novogratz try to calm the storm
Anthony Scaramucci, noted crypto investor and founder of SkyBridge Capital, is convinced that the downturn is a buying opportunity in disguise. Speaking at Consensus Hong Kong, Scaramucci said that his fund has been buying bitcoin throughout the rout.
“So 10 days ago, we were buying Bitcoin at $84,000, last week, we’re buying Bitcoin at $63,000. This week, we’re buyers of Bitcoin in this market, again,” Scaramucci said.
In a similar vein as Scaramucci, Galaxy Digital chief Mike Novogratz said that the market decline is evidence of changing market dynamics. Novogratz told CNBC that the downturn may lead to the end of speculation-based activity and bring about increased dependence on fundamentals.
“Crypto is all about narratives, it’s about stories. Those stories take a while to build and you’re pulling people in … so when you wipe out a lot of those people, Humpty Dumpty doesn’t get put back together right away,” Novogratz explained.