Scaramucci says institutional adoption of Bitcoin set to accelerate
SkyBridge Capital founder Anthony Scaramucci believes institutional adoption of Bitcoin has begun in full force and will accelerate rapidly in the coming quarters.
Scaramucci made the statement during an interview on CNBC, where he highlighted the growing acceptance of Bitcoin among major financial institutions and pension funds.
Scaramucci pointed to Wisconsins recent announcement of its investment in Bitcoin and suggests other pension funds will likely follow. He attributed the growing institutional interest to Bitcoins regulatory approval, which addresses a key barrier for large-scale institutional investors.
Scaramucci explained:
With regulatory hurdles cleared, institutions now feel more comfortable including Bitcoin in their long-term tactical asset allocation strategies. If youre not long Bitcoin, youre essentially short Bitcoin, especially considering BlackRocks stance on incorporating it into their strategic plans.
He also touched on the broader implications of Bitcoin adoption. Scaramucci described Bitcoin as digital gold rather than a universal currency, highlighting its role as a hedge against massive money printing and inflation.
He encouraged investors to thoroughly research Bitcoin, noting that a deep understanding of its history and fundamentals often leads to increased confidence in its potential.
SkyBridge Capitals early adoption of Bitcoin in November 2020 faced skepticism from some financial institutions. However, Scaramucci points out that many of these same institutions now embrace Bitcoin and related investment products, such as exchange-traded funds (ETFs).
Scaramucci said:
Being early in Bitcoin can come with challenges, but its proving to be advantageous. We believe we are still in the early stages of Bitcoins institutional adoption.
Speculation about Bitcoins future value continues to grow. Tom Lee, a prominent Bitcoin analyst, recently forecast a potential price of $150,000 by the end of the year which the anchors believe may be far-fetched due to the subdued price growth in recent weeks.
However, Scaramucci expressed confidence in Bitcoins long-term growth, suggesting that even if Lees projection is off by half, Bitcoins market cap could still reach significant heights comparable to golds $16 trillion valuation.
He said:
Bitcoins potential to reach $8 trillion in market cap is not far-fetched. This increasing institutional interest testifies to Bitcoins emerging role as a critical component of modern investment portfolios.
As Bitcoin continues to gain traction among institutional investors, its role in the global financial landscape appears set to expand further, with experts like Scaramucci at the forefront of this transformative trend.
Bitcoin was trading a little under $66,880 as of press time, based on CryptoSlate data.
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Text source: CryptoSlate
