Anthony Scaramucci Takes Large Position in Algorand (ALGO)
Anthony Scaramucci, head of Skybridge Capital has taken a large position with Algorand (ALGO). He has been praising the platform’s technology.
Created by Silvio Micali, an Italian computer scientist who has no love for the first cryptocurrency, Bitcoin, the high throughput blockchain has gained support from influential people.
Scaramucci believes that stock market traders have yet to capitulate since there’s no extreme panic. He did however, refuse to make a market prediction for Bitcoin, despite its shaky performance and the conveniently timed stock dive of the week ending on May 20th.
He did however tell people that they should not own Bitcoin or Ethereum if they are not confident in their technologies.
Scaramucci has advised that investors should turn to DCA investment strategies. This time poses a unique opportunity for investors to make money from the technology sector as many of the major tech stocks have plummeted.
Investors should also look at the stock of Coinbase which has taken a roughly 80% plunge displaying similar characteristics a s the top cryptocurrencies.