On Dec 21, 2020, Skybridge Capital, a wealth management firm run by Anthony Scaramucci, revealed intentions to launch a bitcoin fund for accredited investors.
Dubbed the Skybridge Bitcoin Fund L.P., the crypto investment product is aimed at high wealth investors who can purchase $50K or more in the top cryptocurrency.
Crypto tweeter was excited over the new BTC fund from a major hedge fund that boasts over $9.2 billion assets under management (AUM).
Bitcoin bull Kevin Rooke was among the first to react to the news in the following tweet:
“Boom! Skybridge Capital is doubling down on Bitcoin. They just registered the Skybridge Bitcoin Fund with the SEC, one month after allowing two of their other funds to invest in bitcoin.”
Although Skybridge refused to disclose the issuance-size of their imminent product, they noted that it was classified as a “hedge fund” designed to offer institutional investors more exposure to BTC.
Skybridge Founder Anthony Scaramucci Is Fond of Bitcoin
SkyBridge Capital first granted two of its funds the go-ahead to “seek exposure to digital assets” last month.
In a SEC filing made in Mid-November, the giant global investment firm alluded to the possibility of its Skybridge G II fund investing in digital currencies like bitcoin. The filing also suggested that the firm was interested in entering the crypto economy via various angles, such as derivatives and ETFs.
Since then, Skybridge Capital founder Anthony Scaramucci has dabbled in BTC rhetoric in a recent conversation with MicroStrategy CEO Michael Saylor, who recently made a $650M investment in BTC.
Scaramucci earlier appeared on an August episode of Coinscrum Markets to speak about the emerging digital assets class. The former White House director of communications revealed that he was “a fan” of cryptocurrencies and reiterated that crypto assets have a future. He added that his company had done a deep dive into the digital assets space since his return at the helm in 2018.
The Skybridge Capital founder also appeared in an interview with Anthony Pompliano, where he asserted that BTC and blockchain would get more reformed and secure soon.
Millennials and Gen Z To Drive Crypto Adoption
Institutional uptake of Bitcoin has emerged as one of the hottest trends of 2020. Many prominent figures such as Paul Tudor Jones and Stanley Druckenmiller have thrown their weight behind Bitcoin in the recent past.
Institutions such as MassMutual Insurance and Ruffer Investment Company have also dipped their feet into Bitcoin.
However, Scaramucci points to millennials as an equally important driving force in the adoption of crypto. In his interview with Coinscrum Markets, the SkyBridge head stated that millennials are “enraptured by digital assets.”
That said, he believes that it will be members of Generation Z below them that push crypto “into the stratosphere.”