SkyBridge Capital’s founder, Anthony Scaramucci, has supported renewed institutional inflows to spot Bitcoin ETFs.
Anthony Scaramucci of SkyBridge Capital has increased his bets on the institutional adoption of Bitcoin (BTC) by twofold in response to recent disclosures of spot BTC ETF exposures.
After the Securities and Exchange Commission (SEC) authorized spot ETFs in January, Scaramucci noted the optimistic outlook on institutions in a recent CNBC interview.
As per his account, regulatory sanction for spot Bitcoin ETFs was the bare minimum required by most major institutions to facilitate the asset’s potential to generate a significant surge in price.
He further stated that most firms establish long positions in Bitcoin, citing BlackRock as an authority before its inclusion in a tactical asset allocation index.
Alarmingly, SkyBridge disclosed its Bitcoin holdings in 2020, prompting a considerable backlash; Scaramucci reaffirmed his optimistic outlook.
However, many of those firms have acquired exposure to the asset at this time.
“Sometimes when you’re early, you get some bumps and scrapes, but I think it pays to be early in Bitcoin, and we are still early in Bitcoin.”
Scaramucci Backs Digital Gold’s Narrative
The asset management executive was asked why institutions are fast adopting the asset.
Particularly focused on two justifications: inflation hedging and future transactional currency.
Although Scaramucci maintains his position in the digital gold category, MicroStrategy’s Michael Saylor will contend otherwise.
“Michael Saylor will probably call my cellphone after this and say no, this isn’t the universal currency category. Meaning it will eventually be the standardized currency for the world over the years.”
Bitcoin to Combat Inflation
In light of the central bank’s money creation, Bitcoin bulls have historically recommended the asset as a hedge against inflation.
Recent adverse macroeconomic factors have impacted the stock market in numerous ways, bolstering the case for widespread asset adoption.
Additionally, some crypto users have advocated for a radical departure from the central bank’s model in favor of more decentralized and transparent ones.
Scaramucci urges participants to conduct adequate research on the asset, noting that individuals tend to gravitate toward Bitcoin following their investigations.
