Hollis Johnson / Business Insider
- SkyBridge Capital Anthony Scaramucci has just launched a bitcoin fund and invested $ 25 million of capital. It will go live for external investors in 2021.
- After a 200% bitcoin rally this year, investors may be hesitant to buy bitcoin at current levels. But Scaramucci told CNBC that the coin was in its “early pubs,” and that he wanted to go in before the price rose even higher.
- “We could be the forerunner of an avalanche of institutional investors going in,” Scaramucci said Tuesday.
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The latest institutional investor to dive into bitcoin is SkyBridge capital hedge fund Anthony Scaramucci. The $ 9.3 billion company filed an SEC Form D on Monday to launch the “SkyBridge Bitcoin Fund LP”
Scaramucci told CNBC that the fund began trading on Tuesday with $ 25 million of SkyBridge funding, and that it will go live to outside investors who can invest a minimum of $ 50,000 on Jan. 4.
After bitcoin’s 200% rally this year, investors may be hesitant to buy the cryptocurrency right now in fear of a post-rally disadvantage on the way. But Scaramucci said bitcoin was in its “early pubs,” and that it wanted to enter before the price soared even higher.
“We could be the forerunner of an avalanche of institutional investors going in,” Scaramucci said in a CNBC interview on Tuesday. He added that there could be a large swath of investors buying bitcoin in the first quarter of 2021 because they did not want to put it on their 2020 balance sheets.
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SkyBridge Capital’s founder also said bitcoin will be a “very strong asset class” over the next decade given the current financial supply and central banking conglomerate.
SkyBridge joins a growing group of institutional players who recognize the legitimacy of bitcoin as a store of value. Last month, Guggenheim filed to reserve 10% of its $ 5.3 billion Macro Opportunities Fund to invest in Bitcoin’s Grayscale Trust.
Other companies like MassMutual have invested in the cryptocurrency as well. Meanwhile, billionaire investors like Stanley Druckenmiller and Paul Tudor Jones have publicly discussed their bitcoin purchases.
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