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Skybridge Bitcoin Fund Launches With $25 Million, Anticipating ‘Avalanche of Institutional Buyers’

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Global investment firm Skybridge Capital has launched a $ 25 million bitcoin fund. The company’s founder, Anthony Scaramucci, is optimistic about Bitcoin. “It’s the first inning,” he said, adding, “You will see this wave of early adoption by the institutional community.”

Skybridge’s Bitcoin Fund starts trading

Skybridge Capital has launched its highly anticipated Bitcoin fund. Founder Anthony Scaramucci said on CNBC Tuesday that the fund “trades for $ 25 million today”. He added that it “will go live for outside investors on January 4th”.

Regarding the timing of the launch, especially after the price of Bitcoin rose significantly, Scaramucci said, “For us, I don’t think it’s late. If anything, it’s the first inning. You will see this wave of premature adoption by the institutional community. I want to get our investors involved before it gets into full swing. The Skybridge founder shared:

We would have loved to have started the fund three or four months ago. I think, it [bitcoin] Caught on fire, but we’re still in the very, very early innings.

He then stated that his company had been doing bitcoin research for the past two years and was more familiar with the cryptocurrency. After speaking to the likes of Michael Saylor, “It became clear to us that we needed to develop a customer-friendly product that would cost at least $ 50,000 and that would be accessible to the mass market, or RIAs [registered investment advisers] that we are nearby could access. And it’s a cheaper offer than the rest, it’s 75 basis points, ”he explained.

Saylor is the CEO of Microstrategy, a Nasdaq-listed billion dollar company that now holds more than $ 1.6 billion in Bitcoin. The company started buying BTC in August. Saylor has been an avid Bitcoin advocate ever since. Recently he tried to convince Spacex and Elon Musk, CEO of Tesla, to convert billions of dollars of Tesla’s balance sheet into bitcoin.

Scaramucci believes that by the time there is a Bitcoin Exchange Traded Fund (ETF), “this will be a way for us to democratize Bitcoin as we did in the hedge fund industry a decade ago.”

Skybridge’s founder added that “you either have to accept that Bitcoin is a store of value or not”. Finding that “there are still skeptics around,” he reiterated that after the investigation, “we believe it is, and given the money supply and global central bank coordination right now, it will be a very for the near future be a strong asset class. ” Decade.”

He stated that the Skybridge Bitcoin Fund has a three month holding period for investors to buy and hold, and explained the following:

We could be the forerunner of an avalanche of institutional investors heading for … business [are] Building a large number of institutions for the first quarter of 2021.

What do you think of Skybridge, which is launching a Bitcoin fund? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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