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The former White House communications director (whose tenure was shamefully short) and founder of SkyBridge Capital recently spoke out about his attitude toward Coinbase and its CEO and why he believes Bitcoin is technically oversold.
In the midst of the turmoil in the crypto market, Scaramucci spoke about what he thinks of Coinbase CEO Brian Armstrong, and why he’s still optimistic about the cryptocurrency market.
Coinbase CEO is “indisputably a good leader”
Cryptocurrency executives face serious consequences as the industry grapples with the cryptocurrency’s recent collapse. Some companies, such as cryptocurrency exchange Coinbase, have laid off thousands of employees and received a lot of criticism in the process.
Coinbase employees recently wrote a petition asking for the dismissal of Top Coinbase executives, to which CEO Armstrong replied:
“Quit and find a company you believe in.”
Four days later, Coinbase laid off more than 1,000 employees.
But Scaramucci, who has long believed in Coinbase, says he still believes Armstrong “undoubtedly … a good leader.” He believes the CEO has a good long-term philosophy, but he’s stuck in new employees — a lot of new people have been accepted into Coinbase as they’ve experienced exponential growth.
To those who criticize Armstrong because of his personnel policies, Scaramucci responds:
“You’re not shooting at the market, you’re shooting at the messenger.”
However, the founder of investment firm SkyBridge has no denying that Armstrong has some of the blame:
“Should it have grown more slowly? Should he have made other decisions? Of course. Although this is obvious in hindsight.”
When it comes to Coinbase stock, Scaramucci is cautious:
“To be honest, I didn’t think Coinbase would fall to its current level,” he says, adding that overall he would be “cautious right now because we had a very, very rough bear market.”
Coinbase has fallen more than 70% since the start of 2022, while tech stocks have generally been in a bear market since the beginning of the year. However, Scaramucci believes that the exchange will recover and that he will not write off Coinbase.
SkyBridge is waiting for a strong rise for crypto markets
Scaramucci has long been a big Bitcoin bull (he recently stated that he believes Bitcoin could still reach $100,000 within the next 12-24 months). And the latest rout in the cryptocurrency markets has not shaken his resolve.
“I think the bullish thesis is very true,” Scaramucci said earlier. “I think we’ve overcome the levers … and the crane was turned off and you have to see who was swimming naked.”
But now he says he’s very optimistic. He believes that in the next round of the growth cycle, there will be less leverage and this time the rise will be stronger.
Author: Elvir, Analyst at Freedman Club Crypto News
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