SkyBridge Capital's Anthony Scaramucci continues to increase his firm's exposure to cryptocurrency. The longtime Bitcoin BTC/USD 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 ALGO/USD actually has the opportunity to potentially flip Ethereum ETH/USD," 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 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.
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.
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