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SkyBridge Capital founder and managing partner Anthony Scaramucci joined CNBC’s Squawk Box to discuss Bitcoin and US pension funds starting to adopt this cryptocurrency. Scaramucci expressed his positive views on Bitcoin’s future, stating, “Acting early on Bitcoin works.”
Institutional Bitcoin Adoption is Rapidly Increasing
According to Scaramucci, institutional adoption of Bitcoin is currently happening rapidly. As a significant indicator of this process, the Wisconsin State Investment Board’s investment of approximately $100 million in Bitcoin stands out. Scaramucci predicts that this development will encourage other pension funds to start investing in Bitcoin as well.
Scaramucci emphasized that Bitcoin now has regulatory approval, highlighting that major financial institutions have the green light to start taking positions in this cryptocurrency. This means that Bitcoin will begin to be seen as part of a long-term tactical asset allocation strategy by institutional investors.
Scaramucci also stressed the importance of having in-depth knowledge about Bitcoin. This involves not only reading Bitcoin’s whitepaper but also understanding the history and workings of money. Scaramucci believes that anyone who acquires this knowledge will be inclined towards Bitcoin. Overall, Scaramucci, who believes that acting early on Bitcoin is profitable, stated, “We are still in the early stages. Sometimes, when you act early, you get some bumps and bruises.” However, Scaramucci believes that early investors have the potential to achieve significant gains in the long run.
Bitcoin ETFs Make Headlines with Inflows
On May 16, spot Bitcoin exchange-traded funds saw nearly $256 million in inflows. This impressive inflow equated to a total of 3,893 BTC. These funds, entering nine different ETFs, created significant momentum in the cryptocurrency world.
The largest Bitcoin fund managed by Grayscale saw outflows of 839 BTC valued at $55,200. GBTC currently manages a total of 288,498 BTC worth $18.86 billion. The Fidelity ETF gained over $130.79 million in value, adding 1,989 BTC. With this inflow, total Bitcoin assets reached 155,745 BTC, exceeding a value of $10.24 billion.
In the last 24 hours, the leading cryptocurrency Bitcoin surpassed the $66,000 level, showing an increase of less than 2%. However, it then experienced a decline and is currently trading at $65,540.
