Crypto: How to Make Money When Everyone Thinks it’s Impossible

Godfather of Failing Crypto Companies

According to CoinGecko statistics, the cryptocurrency market has shed $2 trillion in worth from its November high of $3 trillion. Bitcoin, the most valuable cryptocurrency, is down 70% from it's all-time high of $69,044.77, reached on November 10.

Skybridge Capital, which began as a standard hedge fund before shifting into cryptocurrencies with investments in bitcoin and other coins, is one of the businesses impacted by the price decline.

Skybridge predicted that Bitcoin would hit $100,000 per unit. However, the cryptocurrency's price decline has damaged this gamble, particularly by making smaller funds like Legion Strategies susceptible.

Last July, the Legion Strategies fund, which claims to have $250 million in assets and an 18% exposure to cryptocurrencies, froze investor withdrawals.

As we observed in July, Skybridge Capital's flagship fund, Skybridge Multi-Adviser Hedge Fund Portfolios, which had $2 billion under management at the end of March, was also impacted by investor outflow.

Skybridge chose to raise more funds in response to the loss of investors.

"My sales crew is out raising funds. People enjoy bottoms as well, "Scaramucci stated at the time. "We're raising funds."

He also stated that Skybridge was increasing its investment in Bitcoin: "The company is dedicated to its cryptocurrency. And, certainly, we're betting on this becoming a huge part of the future."

The Bitcoin advocate previously stated that cryptocurrency-related investments account for more than 20% of the flagship fund.

Sam Bankman-Fried, on the other side, has benefited from the cryptocurrency crisis. It has helped him raise his profile and increase his position in the industry. Indeed, the inventor of the trading website FTX.com has emerged as the savior of the majority of floundering businesses.

He provided financing to lenders Voyager Digital and BlockFi and purchased a major 7.6% share in Robinhood, a brokerage for Gen Z and millennials. He has the choice to purchase BlockFi.

The agreement with Skybridge Capital is thus a continuation of an acquisition binge that has alarmed some in the cryptocurrency community.