Anthony Scaramucci said bear markets "suck" because they have hurt his business.
In an interview with the Financial Times, Scaramucci said that his company, SkyBridge Capital, had suffered a lot during the winter and that he was forced to sign a deal with billionaire Sam Bankman-Fried.
"Bear markets don't work well," he said. We don't know if we would do the transaction if we were doing well.
The SkyBridge deal was born of poor performance in a poor market, with the company down 25% this year.
SkyBridge was under financial pressure after its holdings of cryptocurrencies plummeted. High inflation, rising interest rates, and Russia's war in Ukraine have made investors dump riskier assets like tech stocks andcryptocurrencies, as they worry about a recession.
In May, Scaramucci told Insider that half of SkyBridge's assets were tied to cryptocurrencies and related stocks. He predicted that the price of the digital currency would reach $100,000.
SkyBridge will use the money from FTX to buy 40 million Cryptocurrencies, which it will hold on to its balance sheet, according to Anthony Scaramucci. The deal with FTX proved to be crucial in showing SkyBridge's future.
People don't think you're going out of business if you have $50 million on your balance sheet. He said that SkyBridge would be set up for the next 20 or 30 years.
Amid a turbulent time for the industry, Bankman-Fried has come to the rescue of struggling firms.
Bankman-Fried was compared to John Pierpont Morgan, the founder of JP Morgan, who was involved in the 1907 financial crisis.
The decisions to save crumbling firms have given mixed results for Bankman- Fried.
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