Yuri Molchan
SkyBridge Capital boss believes that market remains in ‘still early’ and ‘profitable’ Bitcoin stage
Anthony Scaramucci, founder and managing partner of SkyBridge Capital and a prominent Bitcoin supporter, has paid a visit to CNBC’s Squawk Box show to talk about the world’s flagship cryptocurrency and the recent news about U.S. pension funds starting to buy it.
“It pays to be early in Bitcoin,” Scaramucci
Talking about BTC, Scaramucci shared that he believes that institutional Bitcoin adoption is happening right now, and he expects more pension funds to start going after BTC after the recent news of the Wisconsin pension fund, the State of Wisconsin Investment Board, invested approximately $100 million in the paramount cryptocurrency.
Bitcoin now has the regulatory approval, the financial expert continued, and it provided the green light for all of those large-scale financial institutions to start securing a position in BTC.
In the near future, Scaramucci believes, BTC is going to be part of the long-term tactical asset allocation strategy for institutional investors.
The expert also believes that it is important to “do the homework on Bitcoin,” which means not only reading the whitepaper but also understanding the history of money and how money works. When you do it, Scaramucci stated, “you go towards Bitcoin.”
Overall, he believes that being early in Bitcoin is profitable and “we are still early…sometimes when you’re early you get some bumps and scrapes,” he said.
Bitcoin ETFs add almost $256 million in BTC
According to a recent report from the @lookonchain analytics account on X, on May 16, the spot Bitcoin exchange-traded funds witnessed an impressive cumulative inflow of more than $255.94 million – the equivalent of 3,893 BTC. All of those funds went into nine ETFs.
The largest Bitcoin fund, run by Grayscale, has seen outflows of 839 BTC, which is the equivalent of $55,200. Currently, GBTC holds a total of 288,498 BTC under management worth $18.86 billion.
Fidelity ETF has added 1,989 BTC worth more than $130,79 million. After this inflow, the overall amount of Bitcoin it holds is 155,745 BTC, evaluated at $10.24 billion.
In the last 24 hours, the leading cryptocurrency, Bitcoin, has initiated a moderate increase of less than 2% as it surpassed the $66,000 level and is currently changing hands at $66,340 per coin.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.