The founder of the investment fund SkyBridge Capital criticized the statement of the founder of the Kynikos Associates investment fund regarding Coinbase shares.
SkyBridge Capital CEO Anthony Scaramucci in an interview with CNBC declaredthat Jim Chanos didn’t understand the products and prospects of the exchange well enough to call it a bubble. Chanos’s skepticism is based on his opinion that COIN is a brokerage stock and not a security of one of the largest cryptocurrency exchanges. According to Scaramucci, the asset still has upside potential:
“The crypto markets will experience exponential growth. There is a possibility of a cryptocurrency ETF, if not at the end of this year, then certainly by the end of next. The market will expand. So even if margins go down, there will just be an explosive growth that Coinbase will record.”
Scaramucci noted important differences between bankrupt energy company Enron, which Chanos “potentially shorted out,” and Coinbase. The billionaire expressed the view that the founder of Kynikos Associates is analyzing a new field of decentralized finance with indicators more suitable for traditional finance:
“I would actually caution him against this and spend some more time with the company to see all the products they’re working on and all the potential revenue streams.”
In an interview with Anthony Scaramucci, he touched on the news that Goldman Sachs was the first major bank to engage in over-the-counter bitcoin trading with cryptocurrency company Galaxy Digital. The founder of SkyBridge stated that the event confirms that such a young asset class as cryptocurrencies has passed an important test, which bodes well:
“This is in line with the Goldman Sachs mentality. They like to sit back and wait while others potentially innovate. But when they enter the market, they invest big and on a large scale. Goldman Sachs OTC trading with Galaxy Digital tells me that they have a demand for bitcoin and cryptocurrency related products. And this again speaks against the long-term macroeconomic indicators that Jim Chanos is talking about.”
Jim Chanos, founder of investment fund Kynikos Associates, recently announced that he is selling shares of Coinbase, a cryptocurrency exchange, as the company will not be able to be profitable this year. Recall that last week the US Securities and Exchange Commission (SEC) once again rejected applications from the NYSE Arca and Cboe BZX Exchanges to create spot ETFs for bitcoin due to non-compliance with the US Exchange Act.
Source: Bits
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