1.6 C
7 December 2023
Image default

SkyBridge Capital’s Bitcoin Fund Starts With A $25 Million Investment

While commenting on the launch of the SkyBridge Bitcoin Fund L.P., Anthony Scaramucci said institutional adoption is still in the first inning.

Although BTC has exploded above $20,000 recently, Anthony Scaramucci from the billion-dollar hedge fund SkyBridge Capital said that there’s more room for growth as the asset is still in the first inning.

He added that his organization has put in $25 million in the recently announced Bitcoin Fund, which will be available for accredited investors from January 4th, 2021.

Details On The BTC Fund Launched By SkyBridge

CryptoPotato reported recently that the Wall Street giant SkyBridge Capital, founded by Anthony Scaramucci, filed a Form D with the US Securities and Exchange Commission for its first Bitcoin Fund.

Apart from indicating that Scaramucci will serve as the SkyBridge Bitcoin Fund L.P. manager, the document lacked details. However, the founder of the hedge fund provided more information during a recent interview with CNBC.

Despite saying that “we would have loved deploying the fund three or four months ago” before BTC price skyrocketed to over $20,000, he believes that the adoption curve is still very early. Nevertheless, he admitted that his organization had spent two years researching BTC and “getting comfortable with bitcoin.”

Scaramucci said that SkyBridge decided to build a “client-friendly product with something of a $50,000 minimum” after talking to industry insiders and BTC proponents such as MicroStrategy’s Michael Saylor.

The L.P. structure of the fund will enable SkyBridge to “democratize bitcoin as we did with the hedge fund industry a decade ago.” Scaramucci added that after four months of preparations, the fund is already live with a $25 million investment from his organization. Outside investors will have the chance to participate starting from January 4th, 2021.

Anthony Scaramucci. Source: CNBC

Research Shows: Bitcoin Is A Store Of Value

While commenting on BTC’s role in the current and future financial scene, Scaramucci said that his team researched whether the cryptocurrency could indeed serve as a store of value, as some believe.

“You either have to accept that bitcoin is a store of value or not. There are still skeptics out there, and that’s why we think we are in the first inning. After doing the research that we’ve done, we believe that it is.”

Scaramucci added that given the current monetary supply and the global central banking coordination, bitcoin “will be a very strong asset class in the next decade.”

When asked if his organization is “too late” to launch such a fund after BTC’s impressive Q4 2020 rally, Scaramucci said:

“You are 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.”

The founder of SkyBridge also noted that BTC could easily expand its value “2x-3x from here.”

News Source 

Related posts

Canadian Drug Dealer Ordered to Forfeit $1.4 Million in Bitcoin


Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase


Cardano down 10%! A godsend before the launch of a very important evolution!