Anthony Scaramucci, founder of SkyBridge Capital, doubles down on his belief that institutional embrace of Bitcoin (BTC) is well underway and expected to accelerate significantly in the coming quarters.
Speaking on CNBC,Squawk box“, the former White House communications director highlighted recent developments, such as the entry of US pension funds into the cryptocurrency market, pointing to the Wisconsin Investment Board's investments in BlackRock's iShares Bitcoin Trust (IBIT) and Grayscale's Bitcoin Trust (GBTC).
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According to recent SEC filings, the board has allocated $170 million to these trust funds, signaling a major shift in institutional perception of Bitcoin's role as a strategic asset.
“I think institutional adoption is happening now,” Scaramucci said. “Wisconsin announced. We expect other pension funds to announce.”
Scaramucci attributed this increased interest to regulatory approvals, which have eased widespread concerns among institutional investors.
With regulatory hurdles removed, institutions now feel more comfortable including Bitcoin in their long-term tactical asset allocation strategies. If you don't have a long position in Bitcoin, you are essentially short Bitcoin, especially given BlackRock's stance on incorporating it into its strategic plans.
Anthony Scaramucci, founder of SkyBridge Capital
The momentum behind institutional adoption is evidenced by the revelation that nearly 1,000 major investors own US Bitcoin ETFs.
Scaramucci vs. Saylor
Scaramucci views Bitcoin primarily as a store of value, conforming to the “digital gold” narrative.
He also previously called it a “compounding machine for investors,” comparing it to Berkshire Hathaway.
He rejected the idea of Bitcoin primarily as a medium of exchange, a sentiment echoed by MicroStrategy's Michael Saylor.
Looking to the future, the former Goldman Sachs banker remains optimistic about Bitcoin's long-term growth potential. He believes that even conservative forecasts could result in a significant market capitalization, perhaps rivaling the value of gold.
According to him, Bitcoin's bullish outlook stems from its early adoption phase, which offers strategic advantages to investors willing to overcome its risks and volatility.
“Sometimes, when you're early, you get a lot of bumps and scrapes. But I think it's helpful to be early with Bitcoin, and I think we're still early with Bitcoin.
Despite the positive momentum, Scaramucci — author of From Wall Street to the White House and Back — emphasized the importance of education and due diligence for investors venturing into the Bitcoin market. He stressed the need to understand the underlying principles that drive Bitcoin's value proposition beyond simply reading value White papers.
Scaramucci's confidence in Bitcoin's future has been underscored by SkyBridge's early adoption of the cryptocurrency despite initial skepticism from some financial institutions. He noted that many of these institutions have since embraced bitcoin and related investment products such as ETFs.
As institutional adoption continues to gain strength, Bitcoin's value proposition will become increasingly clear to a broader audience of investors, Scaramucci said.