Anthony Scaramucci, founder and co-managing partner of Skybridge Capital has announced the launch of a new fund tailored to Bitcoin.

However, it is not only because the flagship cryptocurrency is on fire lately that they are betting on Bitcoin but as Sacramucci shared they “would have loved to have deployed the fund three or four months ago,” Bitcoin just went off like crazy.

However, according to him, this is just the beginning. “I think it caught fire but we're still in very very early innings,” said Sacramucci in an interview with CNBC's Scott Wapner. As a matter of fact, they have been busy for the last two years doing research on Bitcoin and getting comfortable with the digital asset.

After doing all the research, the billion-dollar wealth manager believes it is a store of value, and “given the monetary supply and the global central banking coordination right now this will be a very strong asset class over the next decade.”

During this research, they have also been in contact with MicroStrategy’s Michael Saylor, to do a “ton of salt talks,” which made it clear to them that “we needed to create a client-friendly product – “something with a $50,000 minimum that the mass affluent could access.” Sacramucci said,

“Until frankly there's an ETF or there's a customer account somewhere where people can hold bitcoin this will be a way for us to democratize Bitcoin like we did the hedge fund industry a decade ago.”

Skybridge Capital’s new Bitcoin fund started trading this week with $25 million of the firm’s capital. It has a three-month holding period to target investors for the long term. The fund will go live on January 4th for outside investors. Scaramucci said,

“We're super excited.”

“You either have to accept that Bitcoin is a store of value or not. There are still skeptics out there and that's why I think we're in the first inning,”

And that’s why they don’t believe they are late or marking the top of the market now that BTC has rallied 118% in 4Q20 to make a new all-time high of $24,300 last week.

Bitcoin is “something that has crashed upwards in the last two and a half to three weeks” and according to him, “could go up two or three x from here.” Scaramucci believes they could be at the “precursor of an avalanche of institutional investors,” who are heading in the crypto market.

According to him, there are institutional investors not wanting to put BTC on their balance sheets in 2020 but the orders building up indicate a large swath of institutions is getting ready to do it in 2021. Given that a penny in BTC and 99 cents in cash would have beaten every other asset class, especially S&P 500 over the last decade,

“I don't think it's late, If anything it's the first inning you're about to see… that wave of early adoption by the institutional community I'd like to get our investors involved before that goes into full throttle.”

Similar to Notcoin - Blum - Airdrops In 2024

origin »

202 +