Global investment firm Skybridge Capital launched its Bitcoin fund earlier this week
Skybridge Capital launched its Skybridge Bitcoin Fund on Tuesday. Founder Anthony Scaramucci made this known during a CNBC interview. Scaramucci said he was bullish about Bitcoin (BTC) and believes that institutional investors will troop into the market in droves.
The Bitcoin Fund started trading on Tuesday with $25 million as initial capital provided by the firm. However, it will go live on 4 January, 2021 for outside investors. Scaramucci was asked about the launch’s timing, considering Bitcoin rallied above the $24k point a few days ago.
Scaramucci stated that he doesn’t think it is too late to enter the cryptocurrency market. He said, “You are about to see that wave of early adoption by the institutional community. I’d like to get our investors involved before that goes into full throttle”.
The founder noted that Skybridge wanted to launch the Bitcoin fund three or four months ago before the cryptocurrency’s price soared.
Skybridge took advice from MicroStrategy
Scaramucci revealed that his investment firm had been researching Bitcoin over the past two years.
However, conversations with Michael Saylor, COE of MicroStrategy, helped convince Skybridge to launch its Bitcoin fund. Scaramucci detailed that their Bitcoin fund was launched to fulfil the demand for a client-friendly product that the mass affluent and RIAs [registered investment advisers] could also access. The Bitcoin Fund has a cheaper offering than the other investment vehicles that Skybridge operates, making it an attractive option for all investors.
MicroStrategy is a billion-dollar NASDAQ company that has been increasing its Bitcoin exposure over the past few months. The company recently purchased $650 million worth of Bitcoin, bringing its total investment in the cryptocurrency to $1.125 billion. MicroStrategy began buying Bitcoin in August, and Saylor has been an avid Bitcoin proponent since then.
Saylor recently tried to convince Tesla and SpaceX CEO Elon Musk to invest billions of dollars of Tesla’s balance sheet into BTC.
Scaramucci pointed out that there are still Bitcoin sceptics out there. However, Skybridge seems to have embraced the crypto revolution. “Given the monetary supply and the current global central banking coordination, this (BTC) will be a very strong asset class in the coming decade”, he added.
Finally, the Skybridge founder says he sees an avalanche of institutional investors trooping into the Bitcoin market in the first quarter of 2021.