SkyBridge Capital founder Anthony Scaramucci believes that the institutional adoption of Bitcoin has begun in earnest and is set to accelerate rapidly in the upcoming quarters. Scaramucci made this statement during an interview on CNBC, where he emphasized the increasing acceptance of Bitcoin among major financial institutions and pension funds.
He pointed to Wisconsin’s recent decision to invest in Bitcoin as an example, suggesting that other pension funds are likely to follow suit. This growing institutional interest, according to Scaramucci, is a result of Bitcoin receiving regulatory approval, which has been a significant barrier for large-scale institutional investors.
Scaramucci stated, “With regulatory hurdles now cleared, institutions are more inclined to include Bitcoin in their long-term tactical asset allocation strategies. If you’re not holding Bitcoin, you’re essentially betting against it, especially considering BlackRock’s decision to incorporate it into their strategic plans.”
He also discussed the broader implications of Bitcoin adoption, describing it as “digital gold” rather than a universal currency and highlighting its role as a hedge against excessive money printing and inflation.
Scaramucci advised investors to thoroughly research Bitcoin, suggesting that a strong understanding of its history and fundamentals can increase confidence in its potential.
While some financial institutions initially doubted SkyBridge Capital’s early adoption of Bitcoin in November 2020, Scaramucci noted that many of these institutions now embrace Bitcoin and related investment products, such as exchange-traded funds (ETFs).
Scaramucci stated, “Starting early with Bitcoin may come with challenges, but it has proven to be advantageous. We believe that we are still in the early stages of institutional adoption of Bitcoin.”
The speculation about the future value of Bitcoin continues to grow, with prominent Bitcoin analyst Tom Lee recently predicting a potential price of $150,000 by the end of the year. However, Scaramucci expressed confidence in Bitcoin’s long-term growth, suggesting that even if Lee’s projection is off by half, Bitcoin’s market cap could still reach significant heights, comparable to gold’s $16 trillion valuation.
He stated, “Bitcoin reaching a market cap of $8 trillion is entirely possible. The increasing institutional interest is evidence of Bitcoin’s emerging role as an essential component of modern investment portfolios.”
With Bitcoin gaining momentum among institutional investors, its role in the global financial landscape is poised to expand further, with experts like Scaramucci leading the way in this transformative trend.
At the time of writing, Bitcoin was trading just below $66,880, according to CryptoSlate data.
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- Source: https://cryptoinfonet.com/bitcoin-news/scaramucci-predicts-rapid-increase-in-institutional-adoption-of-bitcoin/
