Anthony Scaramucci, founder of Skybridge Capital, believes that the institutional adoption of bitcoin is happening now. Highlighting recent developments like the State of Wisconsin Investment Board investing in Blackrock’s spot bitcoin exchange-traded fund (ETF), he predicts that other pension funds will make similar announcements. “Bitcoin now has the regulatory approval and I think that was the rate-limiting step for a lot of these large-scale institutions,” he detailed.
‘I Think We’re Still Early in Bitcoin’
Skybridge Capital’s founder and managing partner, Anthony Scaramucci, discussed the institutional adoption of bitcoin in an interview with CNBC last week. Emphasizing the ongoing and accelerating integration of BTC by large institutions, he said:
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I think the institutional adoption is happening now.
He mentioned the recent disclosure by the State of Wisconsin Investment Board about its share ownership of Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). “The State of Wisconsin announced. We expect other pension funds to announce. And, of course, bitcoin now has the regulatory approval and I think that was the rate-limiting step for a lot of these large-scale institutions,” Scaramucci opined.
“Just remember if you’re not long bitcoin, you’re possibly short bitcoin in the sense that if you believe … that this will be part of a long-term tactical asset allocation strategy for institutional investors, then at some point, you’ve got to get long bitcoin,” the Skybrige Capital founder emphasized. “So, a lot of smart institutions are saying ‘let me get long this thing before it becomes part of a total tactical asset allocation index’ and I think that’s starting to happen now and that’s very good for bitcoin.”
Scaramucci further shared: “I think what’s important for people to do is to do the homework on bitcoin because when you do the homework on bitcoin you go towards bitcoin. I know very few people that have done the homework, you know, several hundred hours of understanding bitcoin, not just reading the white paper, but really understanding the history of money and all the different boxes that bitcoin checks off.”
He then mentioned when Skybridge first announced its bitcoin investment. “A lot of institutions, wirehouses they didn’t like it. They didn’t like the position. It’s four years later. Now, these very same wirehouses are adopting the position and are getting long the ETF or at least allowing their financial advisors to recommend the ETF. And so, you know, sometimes when you’re early, you get a lot of bumps and scrapes,” Scaramucci opined. Nonetheless, he stressed:
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I think it pays to be early in bitcoin, and I think we’re still early in bitcoin.
Source: https://news.bitcoin.com/skybridges-scaramucci-institutional-adoption-of-bitcoin-is-happening-now/