Tony Scaramucci, who runs SkyBridge Capital, has said again that he is sure governments and companies will soon accept Bitcoin (BTC). The former White House communications director discussed this trend on CNBC’s “Squawk Box,” using recent events like U.S. pension funds getting into the crypto market as examples.
The State of Wisconsin Investment Board recently bought shares in BlackRock’s iShares BTC Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC), which Scaramucci used as a great example. Files with the U.S. Securities and Exchange Commission (SEC) show that the board gave these funds $170 million. This is a big change in how organizations see BTC as a valuable asset.
Bitcoin Institutional Adoption Accelerating, Scaramucci Asserts
Scaramucci said, “I think the institutional adoption is happening now.” “The State of Wisconsin said.” There will be news from other pension funds soon. He said that the rise in interest was due to regulatory approvals, which have made big institutional investors less worried.
Nearly 1,000 big buyers hold U.S. BTC spot ETFs, further proof of how quickly institutions are adopting Bitcoin. Scaramucci’s optimism is in line with a larger trend in the financial world: Bitcoin is increasingly being seen as a real and valuable currency.
In line with the “digital gold” story, Scaramucci sees BTC mainly as a way to keep value. He has said before that Bitcoin is like Berkshire Hathaway’s investment plan: it is a “compounding machine for investors.”
He agrees with Michael Saylor of MicroStrategy that BTC should be used to preserve value instead of to buy things. Both investors stress that BTC has the ability to grow over the long term and will be an important asset in the future.
The former Goldman Sachs banker is still optimistic about Bitcoin’s future. He says that even the most conservative market predictions could lead to Bitcoin’s market value being on par with gold. “You get a lot of bumps and scrapes when you’re early.” Scaramucci said, “But I think it pays to be early in BTC, and we’re still early in Bitcoin.”
Even though there were some good signs, Scaramucci, author of “From Wall Street to the White House and Back,” told people who wanted to trade in BTC that they needed to learn as much as possible and do their research. He stressed the importance of understanding the basic ideas behind Bitcoin’s value, not just reading its white paper.
Some banks were initially unsure about BTC, but SkyBridge Capital was one of the first businesses to use it. This shows how sure Scaramucci is that cryptocurrency will do well. He said many banks that were skeptical at first now back BTC and trade products like ETFs that are linked to it.
Scaramucci believes that once institutional use of Bitcoin picks up speed, it will become easier for more buyers to see how valuable it is. He thinks BTC will have a bright future because businesses already accept it, and the price is expected to rise significantly in the next few months.
