SkyBridge Capital, Anthony Scaramucci’s hedge fund, invested $310 million in Bitcoin in its previously announced SkyBridge Bitcoin Fund LP. This is according to a statement by SkyBridge that said BTC was purchased during November and December – just prior to market highs.
SkyBridge Bitcoin Fund LP, SkyBridge and its affiliates have invested $25.3 million in the fund.
Scaramucci said they believe this is the early innings of Bitcoin as an asset class:
“With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.”
Brett Messing, SkyBridge President and Chief Operating Officer, said the narrative has changed from are you investing in Bitcoin to, how are you investing in Bitcoin. Of course, anyone can go to a digital asset exchange and purchase as much Bitcoin as they want but certain institutions need to adhere to predefined rules on compliance and custody. A fund can handle this for them.
Renewed interest from big Fintechs like PayPal and Square have helped to burnish the reputation of the world’s favorite crypto. A limited supply that is truly decentralized has caused many investors to view Bitcoin more like gold – minus the challenges of digging it out of the ground and storing it in a vault somewhere. Add this to a time of super low-interest rates where governments are printing new money at a record pace, Bitcoin may represent a good store of value when inflation decides to rear its ugly face.
Skybridge is not alone in its opinion that Bitcoin will rise in value – other Wall Street prognosticators have publicly stated the same. The only question is not what BTCs price is today but what is its price tomorrow… or 12 months from now.