SkyBridge's Anthony Scaramucci: Crypto drop is a buying opportunity

Anthony Scaramucci, founder of SkyBridge Capital and a former top Trump administration staffer, said Friday that the recent drop in cryptocurrency prices, prompted by an aggressive regulatory stance by the Chinese government, presents a buying opportunity. Speaking to CNBC, Scaramucci characterized the latest headlines out of China as "the old news being rehashed" but argued that it underlines the surprisingly large amount of crypto activity that continues in the country despite attempts by the Beijing government to outlaw it. Scaramucci's remarks followed reports that China's central bank had deemed all crypto transactions as illegal, part of long-standing opposition to the sector by the Chinese authorities. The news sparked a decline in the crypto market, with Bitcoin (BTC-USD) down nearly 7% and Ethereum (ETH-USD) dropping 10%. "We suspect that this is a great buying opportunity for Bitcoin," Scaramucci said of the crypto sell-off. Commenting on the crypto market in general, Scaramucci