Skybridge's Scaramucci Reveals Billion Dollar Worth Of Bitcoin Holdings

Key Takeaways 

• Anthony Scaramucci, CEO of Skybridge reveals that the firm has over $1 billion in Bitcoin.
• Scaramucci has remained bullish on crypto since having a change of heart last year.  
• The Bitcoin proponent still stands firm on his $100,000 price prediction.

“We’ve got almost a billion dollars in Bitcoin,” said CEO of global investment firm Skybridge Capital, Anthony Scaramucci. He made the revelation while speaking with Anthony Pompliano on the Best Business Show recently.

Scaramucci made the statement in response to Pompliano’s question of whether Skybridge Capital would go all-in on cryptocurrencies or if it just considers it to be a parallel strategy to diversify its investments.

Scaramucci said that the firm, as well as himself, already had skin in the game as it had a broad and diversified cryptocurrency strategy that encompassed digital assets including Algorand and Bitcoin. The firm also has an ETF product and an investment vehicle that is highly correlated with cryptocurrencies – CRPT – that it markets to investors who do not want direct exposure to cryptocurrencies.

For the asset management firm with over $7 billion in assets under management as of the end of last year, the deal-breaker for their cryptocurrency adoption was for a long time attributed to fears surrounding security and regulatory uncertainty. Scaramucci said during the interview that he only took as long as he did to enter the crypto-market as he was coming from the background of an institutional investor. For one, the firm was looking at the market to find a way to be able to create at least a hundred million wallets that could be managed conveniently, a way to securely store its digital assets that would represent a large investment, as well as the regulatory landscape in the U.S.

When these factors began to fall in place last year is when the firm also greenlighted all its plans. Since the firm began investing in crypto, they have launched the First Trust Skybridge Bitcoin Fund. While starting out with around $25 million, the fund currently has a net fund asset value of over $68M and is up 47.3% year to date. Skybridge Capital also recently launched the First Trust SkyBridge Crypto Industry and Digital Economy ETF which is a fund that seeks to provide capital appreciation by investing at least 80% of its assets in the stocks of crypto industry companies and digital economy companies.

Scaramucci remains highly bullish on Bitcoin as he sees more upside in crypto than gold. 

The hedge fund investor has also argued recently that anyone who studies Bitcoin carefully would be convinced of its upside and potential.

Speaking on CNBC, he said: “Anybody that does the homework ends up investing into it. Look at Ray Dalio, a bitcoin skeptic, now a bitcoin investor.” He added that he considers Bitcoin to be digital gold, and even has more upside than the shiny metal. His prediction for the price of Bitcoin has been that the cryptocurrency would reach $100,000 by the end of the year due to supply and demand forces that were tipped to favor the crypto-market.

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