SkyBridge Capital’s Anthony Scaramucci continues to increase his firm’s exposure to cryptocurrency. The longtime Bitcoin (CRYPTO: BTC) bull has repeatedly touted his $100,000 price target by year’s end, but he offered a new crypto prediction Thursday on CNBC.
“The SkyBridge research department thinks that Algorand (CRYPTO: ALGO) actually has the opportunity to potentially flip Ethereum (CRYPTO: ETH),” Scaramucci said.
Algorand is a blockchain-based crypto platform that focuses on security, scalability and decentralization.
Algorand is faster than Ethereum, offers lower transaction fees and has a net-negative carbon footprint, according to Scaramucci.
He compared Algorand’s potential to pass Ethereum in market cap to the opportunity that Alphabet Inc (NASDAQ:GOOGL) NASDAQ:GOOG) capitalized on by passing its predecessors in the early stages of the internet.
“The leaders at the nascent stages of the internet … were trumped by Google, so something like Algorand is something that we’re putting a lot of money and resources in,” Scaramucci said.
See Also: Even As Biggies Like Bitcoin, Ethereum Struggle, Polygon Is Clocking Strong Gains
Scaramucci told CNBC his funds hold about $9 billion in assets with $1.3 billion of that consisting of crypto investments. Each fund has a 10% to 25% allocation to crypto. He said the increasing crypto positions are partially a result of price appreciation, but noted he is unwilling to trim.
“[Warren Buffett] once said he wouldn’t trade Michael Jordan for four scrubs and call it diversification and so we don’t want to sell our winners here right now.”
ALGO Price Action: Algorand is up about 4% over the last week, but it was down 2.05% at $1.92 over a 24-hour period Thursday afternoon.
Photo: geralt from Pixabay.
