Anthony Scaramucci’s firm Skybridge Capital has reportedly $182 million in Bitcoin according to an investor brochure it shared with publications.
The $9.3 billion asset manager is set to launch the Skybridge Bitcoin Fund LP in January according to SEC documents filed on December 21. The fund has already invested $25 million in Bitcoin according to the brochure as it seeks to open to outside investor as from January 4 with at least $50,000 on offer.
Scaramucci’s asset management firm is yet another giant traditional finance firm that has jumped into the crypto wagon. The firm joins the likes of asset management behemoth BlackRock as well as a host of others. Institutional and smart money interest like this is behind the BTC price rally in recent weeks.
In its brochure, Skybridge laid out the benefits of BTC to its investors. According to the brochure, “Bitcoin is digital gold”, “it is better at being gold than gold”. The brochure went on to describe BTC as an emerging asset class that has become less risky than it did in recent years. The brochure also noted BTC’s increasing popularity with institutional and retail investors. It also pointed to low interest rates and the current “unprecedented money printing” as a reason to bank on BTC.
The Skybridge brochure also prominently displayed highlighted lines that read “Bitcoin respectability: Wall Street embraces Bitcoin” while also featuring quotes from top executive firms such as Citibank, BlackRock, and JP Morgan. The firm will definitely be banking on other hedge funds, public company treasurers, insurance companies, pension funds, banks and brokerage firms to jump on the Bitcoin bandwagon soon according to the brochure.
One of Skybridge’s founders Anthony Scaramucci said that one had to accept BTC whether as a store of value or not and that the token was here to stay despite the detractors. “You have to accept whether Bitcoin is a store of value or not. There are still skeptics out there and that’s why I think we’re in the first inning. But after the research we’ve done … and given the monetary supply and the global central banking coordination right now, this will be a very strong asset class over the next decade.”
Skybridge’s long entry into BTC is yet another example of smart money continuing to make entry. Despite concerns about a possible BTC price retrace, such entries may make the rally last even longer.
Image Courtesy of finance magnates
