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Anthony Scaramucci, the former White House communications director and founder of investment firm SkyBridge Capital, has said Bitcoin could ‘easily’ hit $100,000 within the next 12 months as more companies and money managers are adopting it.
In an interview with Yahoo Finance on Wednesday, Scaramucci said he would advise investors to move the money that they do not need in the short-term to BTC. Bitcoin, he said, has a very big future.
Scaramucci has previously been critical of Bitcoin but has since become a believer. Last month, SkyBridge launched its Bitcoin Fund L.P with a $25 million capital. The fund’s minimum subscription size is $50,000 and it is about to cross $100 million in assets under management (AUM), the founder told Yahoo. The firm started investing in Bitcoin late last year. SkyBridge now has under $500 million worth of Bitcoin across all of its investments.
Scaramucci said money managers will soon be “benchmarked off of Bitcoin” and that a few percentage points of this will be related to digital currency. “So if you’re not going to be an investor in Bitcoin you’re effectively short Bitcoin,” he added, noting that the dominant cryptocurrency actually lifted his fund’s performance that took a hit at the beginning of the coronavirus pandemic.
“The SkyBridge Series G fund is up 33% since April 1, and some of that frankly has been the move in Bitcoin that we took advantage of in the fourth quarter of last year,” Scaramucci told Yahoo.
For him, Bitcoin is simply just going to work. In a previous interview, he said the GameStop fiasco is proof that Bitcoin is going to work. “How are you going to beat the decentralized crowd? That to me is more affirmation about decentralized finance,” he added.
In other breaking Bitcoin News today:
Jack Dorsey and Jay-Z to set up 500 BTC blind Bitcoin trust in India, Africa
Twitter CEO Jack Dorsey has announced the creation of a blind Bitcoin (BTC) development trust worth 500 BTC ($23.7 million), along with rapper Jay-Z, for teams working on the project in India and Africa.
Dorsey revealed the creation of the trust on Feb. 12 while sending out a call for three board members to oversee the blind trust initially.
Dubbed the ₿Trust, the application form for board members reveals the mission statement, “Make Bitcoin the internet’s currency.”
The Twitter CEO’s tweet appeared just hours after news broke concerning India’s alleged plans to completely ban the use of cryptocurrencies within its borders. The world’s second-most populated country could soon move to ban all crypto-assets, giving users a 3–6 month grace period to liquidate their holdings, according to an anonymous source who spoke to Bloomberg.
On Feb. 10, Jack Dorsey donated $1 million to the Washington D.C-based nonprofit organization Coin Center which also received a $2 million donation from asset management firm Grayscale. Dorsey’s ongoing infatuation with Bitcoin recently saw him set up a Bitcoin full-node from his Macbook, meaning he now has a hand in verifying the Bitcoin blockchain.
In other trending Crypto news today:
BITCOIN SETS NEW HIGHS AS ALL EYES WATCH REACTION TO $50,000 RESISTANCE
Bitcoin and the entire crypto market have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe
— jack (@jack) February 12, 2021
#Bitcoin is also front-running the Fed Because it’s better than Gold and its market cap is still small compared to Gold, stocks, bonds, property It has the most upside >> Because it’s perfect