SkyBridge Capital CEO Anthony Scaramucci maintained his bullish outlook on Bitcoin (CRYPTO: BTC) on Wednesday, despite the leading cryptocurrency’s continued slide.
Scaramucci’s Advice For Those Chasing Quick Gains
In an X post, Scaramucci stressed that long-term success in Bitcoin depends on risk management and maintaining financial stability.
“Bitcoin doesn’t reward being early,” the vocal cryptocurrency advocate said. “It rewards staying solvent, unlevered, and psychologically intact.”
The Danger Of Excessive Leverage
Scaramucci has repeatedly advised investors against using excessive leverage, or borrowed money, when trading cryptocurrencies.
Notably, several analysts point to the October flash crash, which triggered the cryptocurrency market’s largest liquidation event, as a direct consequence of excessive leverage.
Scaramucci Unfazed By Bitcoin’s Slide
Scaramucci has been undeterred by Bitcoin’s relentless slide, which has dragged the apex cryptocurrency below $70,000. The apex cryptocurrency is only 1.8% from its previous bull-cycle peak of $69,700.
A day earlier, he urged investors to take advantage of the correction and accumulate more BTC. Scaramucci, who has 70% of his wealth tied in Bitcoin-related investments, said over the weekend that he himself is buying the dip.
Price Action: At the time of writing, BTC was exchanging hands at $70,981.78, down 7.21% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Al Teich / Shutterstock.com
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