Scaramucci’s SkyBridge Capital introduced a new Bitcoin fund in early
January. He says that improved infrastructure and regulation have made
BTC investments "as safe as owning bonds and commodities like gold."
Anthony Scaramucci, the head of SkyBridge Capital and former White House communications director, believes Bitcoin’s (BTC)
value proposition has strengthened significantly now that governments
have addressed many of the risks associated with the digital asset.
In an opinion article published on CNN, Scaramucci and fellow SkyBridge executive Brett Messing argue
that Bitcoin has become a viable option for long-term investors seeking
refuge from inflation. The authors also claim that holding Bitcoin is
far less risky today than it was a few years ago when regulations and
infrastructure were still underdeveloped.
Bitcoin’s growth has
“caused government and institutions to step in and address many of the
risks associated with the digital currency,” the authors wrote,
referring to the decision by the Office of the Comptroller of Currency
to authorize banks to provide cryptocurrency services.
They continued:
“[...]
increased regulations, improved infrastructure and access to financial
institutions — like Fidelity — that hold investors' money have made
bitcoin investments as safe as owning bonds and commodities like gold,
which are also used to balance portfolios.”
SkyBridge Capital made a big splash last month when it filed an application with the U.S. Securities and Exchange Commission to launch a Bitcoin hedge fund.
The SkyBridge Bitcoin Fund LP launched a few weeks later, with Fidelity
serving as custodian and Ernst & Young handling the auditing.
SkyBridge
reportedly invested in Bitcoin during November and December, allowing
it to accumulate a large position in the digital asset prior to its
parabolic spike. At the time the fund was launched, on Jan. 4, SkyBridge
claimed its BTC exposure was worth approximately $310 million.
Institutional capital was a major catalyst behind Bitcoin’s 300% rally in 2020, culminating in a new all-time high near $42,000 on Jan. 8. So-called smart money investors are beginning to view Bitcoin as a form of digital gold – one with potentially much higher upside than precious metals.
source link : https://cointelegraph.com/news/anthony-scaramucci-says-holding-bitcoin-as-safe-as-owning-bonds-and-gold
