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Anthony Scaramucci's Hedge Fund Expresses Interest in BitcoinJimmy Aki
Anthony Scaramucci's Hedge Fund Expresses Interest in Bitcoin

Several firms have continued to express their interest in the digital asset market, with institutional investors flocking from all corners. The latest to join the fold appears to be SkyBridge Capital, a New York-based hedge fund operated by former White House Communications Director Anthony Scaramucci.

Scaramucci, who infamously served in the White House for ten days, has proclaimed his admiration for digital assets in the past. Speaking on an episode of Coinscrum Markets earlier this year, “The Mooch” pointed out that his firm had been studying the Bitcoin markets for years. He said they had tremendous potential. 

Scaramucci highlighted Bitcoin’s appeal to millennials. However, he added that the asset’s rise would come primarily from members of Generation Z. The hedge fund manager also noted cryptocurrencies’ potential to improve the financial system. As he explained, many present-generation members have built a distrust for the system, and they’ll look to crypto to set them free.

SkyBridge turning to crypto will be the latest in institutional interest, which has been on the upsurge for months. Data shows that about $6 billion has been committed to Bitcoin from public companies already. From all indications, that number should rise soon.

The New York hedge fund will be entering a crowded field that already includes names like Square and MicroStrategy. However, most institutions remain in the shadow of Grayscale Investments. Already the largest digital asset management firm by a mile, Grayscale has grown to astronomical levels in 2020.

Grayscale’s Bitcoin Investment Trust has so far been the company’s white whale. The trust appeals primarily to institutions ready to pay premiums to hold cryptocurrencies. Its shares represent $15.62 worth of Bitcoin each, although they sell for $18.86. This means that Grayscale gets a 19 percent premium. The firm also charges an annual fee of 2 percent.

It is expected that more institutional firms will enter the market by 2021. By then, things could get markedly interesting as companies struggle for Grayscale’s crown.

by:

Jimmy Aki

from:

insidebitcoins.com
cryptoDATA 17 Nov 2020 cryptoTIME 2 min read
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