In an exclusive interview with Benzinga, SkyBridge Capital founder Anthony Scaramucci said investing in TON (CRYPTO: TON) represents an indirect bet on Telegram, since the messaging platform isn't publicly listed.
TON Positioned As Utility Token For Payments
Scaramucci, who serves as a strategic adviser to Alphaton Capital (NASDAQ:ATON), confirmed the view, saying TON functions as a utility token for a broad ecosystem similar to what Meta Platforms Inc.’s (NASDAQ:META) Libra project was meant to build.
He added TON could facilitate instant cross-border transactions, potentially challenging Visa Inc. (NYSE:V), Western Union Co. (NYSE:WU) and PayPal Holdings Inc. (NASDAQ:PYPL).
Scaramucci also outlined his selection criteria for tokens, which include having specialized development teams working to increase use cases and scalability, seeing increased adoption and utility, and existing within five years. “I think ton meets all of those things,” he stated.
Contrarian Opportunity Despite Momentum Loss
Scaramucci has acknowledged TON has faced headwinds, saying the token “got hit from 750 to 220” and “the momentum’s out of it” amid a weak altcoin market. He added that altcoins are trading at levels last seen during the 2022 FTX crisis, while Bitcoin (CRYPTO: BTC) is priced at $110,000.
"If you don't believe in the utility or adoption, then these altcoins will actually go to zero," he said.
However, Scaramucci told Benzinga he views this as a contrarian opportunity. “From a contrarian perspective, it probably has the most opportunity,” Scaramucci said, projecting TON could reach $10 as adoption increases and users require the token for Telegram transactions—representing a potential 5-to-1 move from current levels.
TON Remains Decentralized Amid Durov's Legal Issues
He pointed out, "TON remains decentralized despite earlier issues with Pavel Durov," the Telegram founder who is facing legal scrutiny in France, including charges related to platform moderation under the country's cybercrime law.
The news of Durov regaining his passport from French authorities coincided with a more than 20% surge in TON's value.
Price Action: At the time of writing, TON traded 2.4% lower over 24 hours at $2.05.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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