Anthony Scaramucci Declares ‘Algorand Autumn’

Anthony Scaramucci, the billionaire behind the hedge fund SkyBridge Capital, has declared that Solana Summer is now becoming Algorand Autumn. ‘The Mooch’ took to twitter and his 1M followers to declare his support for Algorand, making him maybe the most prominent person yet to support Silvio Micali’s proof-of-stake layer 1.

It was #SolanaSummer. Now will it be #AlgoAutumn

— Anthony Scaramucci (@Scaramucci) September 9, 2021

This comes on the heels of a major surge in the Algorand price, which is up more than 72% on the week at press time. On September 8th, Scaramucci even went on CNBC live to speak about Algorand. Scaramucci was speaking about his bullishness on Bitcoin, mentioning how an ETF is around the corner and more adoption makes him “optimistic” about year end. Then he said that alt-coins like “Algorand, Cardano, and Ethereum” will “continue to rise because there are actually great use cases“.

Suggested Read: WHY IS ALGORAND SOARING WHILE THE REST OF THE MARKET STRUGGLES?

Scaramucci tweeted more about Algorand subsequent to the interview responding to a Mike Novogratz tweet asking more about Algorand, as it really is a coin that has flown quietly under the radar while building a giant ecosystem. Likely not for much longer.

The tech, team and growing ecosystem are very compelling. https://t.co/FYyUIpYo1v

— Anthony Scaramucci (@Scaramucci) September 8, 2021

The tweet from Mike generated a lot of engagement, including from Algorand founder Silvio Micali, who responded to the tweet saying he would love to chat with Mike sometime. Mike then responded back, and a meeting of the minds about Algorand will happen between the two. All that said, there is a lot of speculation that massive institutional capital is going to flow into Algorand. Even now, it is happening. For example, Osprey Funds offers an institutional grade Algorand trust, the first of its kind.

Moreover, there are Bitcoin and USDC Yield funds that are already up and running on the Algorand blockchain. They were chosen by Exodus wallet to tokenize their security offering this year as well, so the institutional adoption and use of Algorand  is already very hot. Next week, Scaramucci will be taking to the stage to speak at the SALT conference, and Algorand’s CEO Steve Kokinos will be speaking, too. Others planned to attend and speak are Shark Tank’s Kevin O’Leary and FTX’s Bankman-Fried.

Can’t wait! See you in NYC @Scaramucci https://t.co/HIhO9Y0Ejo

— Steven Kokinos (@stevekokinos) September 4, 2021

It will be interesting to see what comes of this conference, as there are hints that there may be some very bullish news coming from it regarding Algorand and Scaramucci. More than just endorsements, Algorand’s first DeFi protocol, Yieldly.Finance (YLDY) has managed to skyrocket since its launch in June, trading at 0.02 cents, up over 400% in the last month.

They already have more than $100 million TVL, and signed a partnership with exchange MEXC Global which is intended to “take advantage of Yieldly’s cross-chain bridge to Binance Smart Chain (BNB/USD), Polygon (MATIC/USD), Ethereum (ETH/USD), and other external DeFi ecosystems, enhancing liquidity and fostering adoption”. 

A little bit more on Yieldly: they are designed to be “the first vertically integrated listing, NFTs, and staking launchpad for Algorand Standard Assets (ASA’s like ERC-20) tokens. Yieldly is set to become the source of growth, liquidity, and interoperability across all ASA projects and communities”. 

So Algorand is firing on all cylinders, and the growth has been very strong in the last year. They are doing ~1 million (real) transactions per day, and ‘total accounts’ (wallets) for Algo more than doubled in the last 10 months from ~6 million to ~13.1 million. Importantly, since Sept. 8th Algo has skyrocketed into the top 15 coins by market cap, and thus the recognition itself will go parabolic, if it can manage to stay there.

Algorand also has a massive war chest, one of their aces in the hole. As of now, according to their VP of marketing, Keli Callghan, “there is nearly $1B poised to empower the DeFi wave that is about to pop on Algorand.”  This number was reached after Algorand announced on Friday that they launched a $300 million DeFi fund, from the Algorand Foundation. Solana is the only other L1 with as much funding as Algorand, and we have seen Solana reap the benefits of their own war chest, as it has become arguably the hottest coin in the world in the last 3 months. 

We're excited to launch the $300M ( 150M Algo ) VIRIDIS DeFi Fund today. This is a powerful commitment to enabling the most vibrant, wealth creating DeFi ecosystem on the high performance, sustainable Algorand network.https://t.co/q8xWUBGR7P#DeFi #GreenCrypto #Viridis pic.twitter.com/QY9UjBYfHe

— Algorand Foundation (@AlgoFoundation) September 10, 2021

Scaramucci’s Skybridge Capital has nearly $10 billion in assets under management, and he has already deemed himself a Bitcoin bull, and more. Skybridge has been aiming for a Bitcoin ETF for a long time, and as of mid June, Skybridge held more than $500 million worth of Bitcoin. Maybe he will announce they are holding Algo? Either way, again it is written; another celebrity billionaire chooses their favorite coin. Musk has Doge, Cuban has Polygon, and now Scaramucci has Algorand. Maybe an Algo Autumn is around the corner, as Eth competition becomes more real and viable than it ever has.