SkyBridge Capital founder Anthony Scaramucci wrote an opinion piece on the bullish case for Bitcoin in the coming years. He was joined by his colleague Brett Messing.
Scaramucci made headlines earlier this month after his company unveiled the Bitcoin Fund LP, a fund now holding $310 million in assets, $25 million of which is owned by SkyBridge.
Bitcoin forces governments to react
On Sunday, he wrote a tribute to bitcoin’s deflationary nature: ‚Investors are buying as much bitcoin as they can, which by its nature is impervious to inflation. According to the law of supply and demand, this makes bitcoin a limited and in-demand asset.‘ He added that the rapid growth of the bitcoin exchange rate is causing governments and regulatory institutions to sit up and react to where bitcoin is going. Both from a regulatory and protective side, such as the many risks associated with the digital currency.
Confidence in cryptocurrency
Scaramucci noted that the US Office of Comptroller of Currency (OCC) is now allowing banks and custodians to offer cryptocurrency services. This is reducing several trust issues about the crypto market:
‚Until recently, bitcoin as an investment had unique and distinct risks, but that is changing, with new rules and regulations that have led to wider institutional acceptance.‘
Bitcoin as safe as gold and bonds
Scaramucci went on to say that despite being in the early adoption phase, bitcoin is relatively mature and now offered more long-term value.
He also addressed the current market conditions, which are largely supported by the US Federal Reserve. Scaramucci said investors are buying bitcoin en masse as a hedge against rampant, potential inflation. With large asset managers investing a lot of money (such as Fidelity), Scaramucci said bitcoin is as safe as owning bonds and commodities such as gold.‘