SkyBridge Capital CEO and vocal cryptocurrency advocate Anthony Scaramucci advised steady accumulation rather than speculative trading for Bitcoin (CRYPTO: BTC) on Tuesday amid the apex cryptocurrency’s ongoing decline.
Scaramucci Wants Investors To Buy BTC’s Dip
Scaramucci endorsed Strategy Inc. (NASDAQ:MSTR) co-founder Michael Saylor’s HODL mantra, saying, “Accumulate, don’t speculate.”
Scaramucci, who has 70% of his wealth tied in Bitcoin-related investments, said over the weekend that he was buying the latest dip.
Scaramucci has extensively used his social reach and public platforms to promote the leading cryptocurrency. even wrote a book about Bitcoin called “The Little Book of Bitcoin,” a guide to understanding the financial implications of digital asset technology.
Scaramucci Got It Wrong Last Year
Notably, Scaramucci stayed bullish on Bitcoin through much of last year, holding a $150,000 year-end price target until September.
He later admitted he had gotten it wrong in a Benzinga interview, adding that he had failed to anticipate the “massive” selling by Bitcoin whales.
The latest advocacy comes amid a brutal sell-off that has dragged Bitcoin to its lowest level since November 2024. The decline has also had a cascading effect on Saylor’s Bitcoin treasury company.
Price Action: At the time of writing, BTC was exchanging hands at $76,322.98, down 3.27% in the last 24 hours, according to data from Benzinga Pro.
Strategy shares fell 1.47% in after-hours trading after closing 4.56% lower at $133.26 during Tuesday’s regular trading session.
MSTR maintains a weaker price trend over the short, medium, and long terms with a poor Value ranking, according to Benzinga’s Edge Stock Rankings.
Photo courtesy: Al Teich / Shutterstock.com
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