Posted 1 year ago | by @devadmin
Anthony Scaramucci’s hedge fund SkyBridge Capital has bought and invested $25 million worth of Bitcoin.
The fund has started trading and shall open to the public early next month. Scaramucci said his interview with Michael Saylor influenced his decision to buy $25 million BTC.
CNBC first broke the news announcing that the New York-based hedge fund founded by Anthony Scaramucci, has invested $25 million in Bitcoin.
The SkyBridge Bitcoin Fund, recently registered with the U.S. Securities and Exchange Commission, commenced trading today with $25 million in Bitcoin invested by SkyBridge. The fund will open investments from outside accredited investors on January 4th, according to Scaramucci.
“You either have to accept that Bitcoin is a store of value or not,” Scaramucci told CNBC. “After doing the research, we believe it is. And given the monetary supply and the global central banking coordination right now, this will be a very strong asset class over the next decade,” he said.
Scaramucci further told CNBC, “We would have loved to have deployed the fund three or four months ago,” but believes that Bitcoin has not yet reached its peak. “This is something that has crashed upwards in the last two-and-a-half to three weeks,” he added.
Although there are some stipulated conditions if you purchase into the fund such as preventing investors from flipping shares in the Bitcoin Fund, by implementing at least a three-week-long holding period, he said. “This is an asset that could go up 2/3x from here,” Scaramucci stated, adding “he doesn’t want investors to miss out.”
“Until frankly there’s an ETF or a customer account somewhere where people can hold Bitcoin, this will be a way to democratize Bitcoin,” he said.
However, unlike crypto, the fund will only be open to accredited investors, which the SEC defines as someone with an annual income of $200,000 or an institution with $5 million in assets. SkyBridge, originally founded in 2005 manages $9.3 billion in assets.
Scaramucci said his interview with Michael Saylor at a recent SkyBridge’s conference SALT, influenced his decision to start a Bitcoin fund and purchase $25 million worth of the digital currency.
Saylor himself has now bought upwards to $1 billion in Bitcoin, according to claims he has made on Twitter.
Bitcoin is currently trading at [FIAT: $23,599.99] UP 0.3% in the last 24 hours according to Coingecko at the time of this report.