Global investment firm Skybridge Capital has launched a $ 25 million Bitcoin fund. The company’s founder, Anthony Scaramucci, is optimistic about Bitcoin. “It’s the first inning,” he said, adding, “You will see this wave of early adoption by the institutional community.”
Skybridge’s Bitcoin Fund starts trading
Skybridge Capital has launched its highly anticipated Bitcoin fund. Founder Anthony Scaramucci said on CNBC Tuesday that the fund “trades for $ 25 million today”. He added that it “will go live for outside investors on January 4th”.
Regarding the timing of the launch, especially after the price of Bitcoin has risen significantly, Scaramucci said, “For us I don’t think it’s late. If anything, it’s the first inning. You will see this wave of premature adoption by the institutional community. I want to get our investors involved before this goes into full swing. The Skybridge founder shared:
We would have loved to have started the fund three or four months ago. I think, it [bitcoin] Caught on fire, but we’re still in the very, very early innings.
He then explained that his company had been doing bitcoin research for the past two years and was more familiar with the cryptocurrency. After speaking to the likes of Michael Saylor, “We realized we needed to develop a customer-friendly product that would cost at least $ 50,000 and that would be accessible to the masses by wealthy individuals or RIAs [registered investment advisers] that we are nearby could access. And it’s a cheaper offer than the rest, it’s 75 basis points, ”he explained.
Saylor is the CEO of Microstrategy, a Nasdaq-listed billion dollar company that now holds more than $ 1.6 billion in Bitcoin. The company started buying BTC in August. Saylor has been an avid Bitcoin advocate ever since. Recently he tried to convince Spacex and Elon Musk, CEO of Tesla, to convert billions of Tesla’s balance sheet into bitcoin.
Scaramucci believes that by the time we have a Bitcoin Exchange Traded Fund (ETF), “this will be a way for us to democratize Bitcoin like we did in the hedge fund industry a decade ago.”
Skybridge’s founder added that “you either have to accept that Bitcoin is a store of value or not”. Finding that “there are still skeptics out there,” he reiterated that, upon investigation, “we believe they are, and given the money supply and global central bank coordination right now, this becomes a very strong asset class for them next its decade. “
He stated that the Skybridge Bitcoin Fund has a three month holding period that is intended to be bought and held by investors and explained the following:
We could be the forerunner of an avalanche of institutional investors heading for … business [are] Building a large number of institutions for the first quarter of 2021.
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