Bitcoin
Institutional adoption of Bitcoin is just beginning, says Anthony Scaramucci
Last updated: May 16, 2024 7:06 pm EDT | 1 minute reading
Skybridge Capital co-founder Anthony Scarmucci believes Bitcoin’s new entrants are still in their infancy, with institutional adoption of the asset only increasing.
Anthony Scaramucci on institutional investment in Bitcoin
During a interview with CNBC on Thursday, the investor said that institutional adoption is “happening now” and that he expects more pension funds to soon reveal that they have allocations to BTC.
“Bitcoin now has regulatory approval – this was the rate-limiting step for many of these large-scale institutions,” Scaramucci explained. “Just remember, if you are not long Bitcoin, then you are possibly short Bitcoin.”
Before May 15th, almost 1000 great investors with over $100 million in declared assets owning at least one of the US Bitcoin spot ETFs in their securities portfolios. One of these investors included the Wisconsin State Investment Board (SWIB)which disclosed a $162 million allocation to ETFs this week.
According to Scaramucci, institutions are diving into BTC before it becomes part of a “total tactical asset allocation index.”
Matt Hougan, CIO at Bitwise supported this view on Tuesday, predicting that institutions could begin dedicating between 1% and 5% of their portfolios to BTC as they tentatively expose client funds to the asset.
How high can Bitcoin go?
When asked why Bitcoin would attract such widespread adoption, Scaramucci said he was in the “digital gold category” – a subset of investors who see the asset’s main use case as a store of value rather than a medium of exchange. . MicroStrategy Executive Chairman Michael Saylor falls into this camp, having previously called the use case for Bitcoin as a currency “a distraction.”
“Sometimes when you get in early you get a lot of bumps and scrapes, but I think it’s worth getting in early for Bitcoin, and I think we’re still early in Bitcoin,” he concluded.
Earlier this year, Scaramucci foreseen that Bitcoin could reach $170,000 per coin by the end of 2025.