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Skybridge Capital co-founder Anthony Scaramucci asserts that newcomers to Bitcoin are still in the initial stages, with institutional acceptance of the asset just beginning to increase.
Anthony Scaramucci On Institutional Bitcoin Investment
In a Thursday interview with CNBC, the investor remarked that institutional adoption is “happening now,” and he anticipates that more pension funds will soon disclose their allocations to BTC.
“Bitcoin now has the regulatory approval – that was the rate-limiting step for many of these large-scale institutions,” Scaramucci clarified. “Just remember, if you’re not long Bitcoin, then you’re potentially short Bitcoin.”
Leading up to May 15, nearly 1000 significant investors with over $100 million in assets reported owning at least one of the U.S. Bitcoin spot ETFs in their securities portfolios. Among these investors was the State of Wisconsin Investment Board (SWIB), which revealed a $162 million allocation to the ETFs this week.
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According to Scaramucci, institutions are cautiously entering BTC before it becomes part of a “total tactical asset allocation index.”
Bitwise CIO Matt Hougan supported this perspective on Tuesday, forecasting that institutions might start allocating between 1% and 5% of their portfolios to BTC as they gradually expose client funds to the asset.
How High Can Bitcoin Go?
When questioned about the reasons behind Bitcoin’s potential for widespread adoption, Scaramucci identified himself with the “digital gold category” – a group of investors who view the asset’s primary function as a store of value rather than a medium of exchange. MicroStrategy executive chairman Michael Saylor aligns with this viewpoint, having previously described Bitcoin’s use case as currency as “a distraction.”
“Sometimes when you’re early you encounter many bumps and scrapes, but I believe it is beneficial to be early in Bitcoin, and I think we’re still early in Bitcoin,” he concluded.
Earlier this year, Scaramucci predicted that Bitcoin could reach $170,000 per coin by the end of 2025.
The post Institutional Bitcoin Adoption Is Just Getting Started, Says Anthony Scaramucci appeared first on Cryptonews.
