Anthony Scaramucci, founder of SkyBridge Capital, believes institutional adoption of Bitcoin has begun in earnest and will rapidly accelerate in the coming quarters.
Scaramucci made this statement in an interview with CNBC, highlighting the growing acceptance of Bitcoin among major financial institutions and pension funds.
Scaramucci noted that the state of Wisconsin recently announced an investment in Bitcoin and suggested other pension funds are likely to follow suit. He attributed the increased interest from institutional investors to Bitcoin's regulatory approval, which has been a key barrier for large institutional investors.
Scaramucci explained:
“With regulatory hurdles cleared, financial institutions now feel comfortable incorporating Bitcoin into their long-term strategic asset allocation strategies. Given the lock position, if you are not long Bitcoin, you are essentially short Bitcoin.”
He also touched on the broader implications of Bitcoin adoption. Scaramucci described Bitcoin as “digital gold” rather than a universal currency, emphasizing its role as a hedge against mass money printing and inflation.
He encouraged investors to research Bitcoin thoroughly, noting that a deep understanding of Bitcoin's history and fundamentals will increase confidence in Bitcoin's potential.
Skybridge Capital's early adoption of Bitcoin in November 2020 faced skepticism from some financial institutions. However, Scaramucci points out that many of these same institutions are now adopting Bitcoin and related investment products such as exchange-traded funds (ETFs).
Scaramucci said:
“Bitcoin’s early stages can be fraught with challenges, but they have proven advantageous. We believe we are in the early stages of institutional adoption of Bitcoin.”
Speculation about Bitcoin's future value continues to rise. Renowned Bitcoin analyst Tom Lee recently predicted a potential price of $150,000 by the end of the year, but this may be far-fetched as price growth has slowed in recent weeks. That's what Anker thinks.
However, Scaramucci expressed confidence in Bitcoin's long-term growth, saying that even if Lee's predictions were off by half, Bitcoin's market capitalization could still reach significant heights, and gold's valuation He suggested it would be equivalent to $16 trillion.
He said:
“The possibility that Bitcoin’s market capitalization could reach $8 trillion is not so far-fetched. It proves that there is.”
As Bitcoin continues to gain traction among institutional investors, its role in the global financial landscape will continue to expand, with experts like Scaramucci at the forefront of this transformative trend. It seems like it will.
Based on CryptoSlate data, Bitcoin was trading at just under $66,880 at the time of writing.
