Hedge fund manager Scaramucci says the GameStop saga is ‘more proof’ that bitcoin will work

Hedge fund manager Scaramucci says the GameStop saga is ‘more proof’ that bitcoin will work

REUTERS/Joshua Roberts

Fund boss Anthony Scaramucci believes the GameStop saga highlights a positive backdrop for bitcoin."The activity in GameStop is more proof of concept that bitcoin is going to work," he told Bloomberg.Scaramucci's SkyBridge has an overall exposure to bitcoin of about $385 million.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

SkyBridge Capital co-founder Anthony Scaramucci believes that swathes of retail traders winning the GameStop battle against short-sellers is a positive for bitcoin.

The impact of small retail trading groups shows the power of decentralized finance - the very concept that underpins bitcoin - Scaramucci told Bloomberg in an interview. 

Money management, once perceived as limited to a concentrated group of highly paid exclusive advisors, is being democratized through the use of smartphones and low-cost online trading, Scaramucci said.

"The activity in GameStop is more proof of concept that bitcoin is going to work," he said. "How are you going to beat that decentralized crowd? That to me is more affirmation about decentralized finance."





Reddit traders have feasted on GameStop's rapid rise in price after their online posts urged others to join the trade, which has inflated the value of its shares by about 600% in just ten