Anthony Scaramucci – the founder of AUM firm Skybridge Capital, was seen being bullish about Bitcoin. Says that he has a strong belief that Bitcoin’s value would surpass US$ 100 K before the year 2021 ends. Argues that the demand for Bitcoin has increased exponentially while the supply is restricted to a few millions left.
Anthony Scaramucci – a known crypto fan – founder and MD of AUM firm, Skybridge Capital and MD, was being bullish about Bitcoin lately. He was recording an interview at CNBC wherein he spoke about his company’s crypto investment and growth of Bitcoin over the year.
He expressly stated in his interview that over the past year he has been witnessing an increased demand in Bitcoin. However, he suggested that in contrast with the demand, the supply is only limited to a certain extent. Scaramucci commented that according to his calculations, Bitcoin will be traded for US$100K and this is going to happen before 2021 ends. He added that the only problem with Bitcoin is the limited number of coin’s supply which too is going to end soon.
During the pandemic outburst, Bitcoin and other digital products were able to achieve all-time highs on multiple occasions. This resultantly, spiked gains for the entire crypto industry by about 76% with the start of 2021 alone. During this time, the market capitalization for the crypto industry also increased to a level that is now above US$ 1 Trillion. The prominent leading crypto asset was Bitcoin whose value surged from US$ 9,000 to US$ 56,575 to date.
The interest in Bitcoin has been ever-growing thanks to the institutional sector and support at the individual level. In 2017, institutional demand for Bitcoin was almost to none, yet the pandemic brought private and public limited organizations in Bitcoin as well.
While talking about individual investors, Scaramucci suggested a word of caution for them. He categorically stated that individual investors must take into account the volatility. He suggested that the issue of volatility is of utmost importance particularly for those who want to invest for a short period of time. However, those individual investors who want to invest for a considerably long period of time should also calculate the risks of volatility.
With regard to his digital asset management company, Scaramucci informed that their holding of Bitcoin has gone past US$ 0.5 Billion. (Skybridge Capital’s Bitcoin fund was incorporated recently in December 2020 with a capital investment of US$ 25 Million only. Yet the fund showed phenomenal results in a very short period of time.)
Scaramucci is expecting an avalanche of institutions willing to join Skybridge Capital’s Bitcoin fund. He stated that institutional momentum is building-up and prior to the end of 2021’s initial quarter, they’ll be acquiring most of it.