Anthony Scaramucci, whose 2017 tenure as Donald Trump’s communications director lasted just 11 days, is the latest hedge fund manager to buy into bitcoin.
The bitcoin price broke through into uncharted territory last month, soaring past its 2017 high and ending 2020 up by over 300%.
Now, Scaramucci’s Skybridge Capital, a New York-based fund of hedge funds, has started the Skybridge Bitcoin Fund with $310 million in assets under management—calling bitcoin still “in its early innings.”
“We believe bitcoin is in its early innings as an exciting new asset class,” Scaramucci, Skybridge’s managing partner, said in a press release. “With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.”
The SkyBridge Bitcoin Fund LP is geared towards wealthy investors looking for exposure to bitcoin. The minimum investment is $50,000.
After a number of high-profile investors, led by the famed Paul Tudor Jones, named bitcoin as an emerging inflation hedge early last year, institutions around the world have begun to buy into bitcoin.
The bitcoin price was pushed above its 2017 high of $20,000 per bitcoin in December after London-based Ruffer Investment Management revealed a $745 million bitcoin bet. Massachusetts Mutual Life Insurance had announced it purchased $100 million in bitcoin for its general investment fund the week before.
The bitcoin price bull run was sparked in October by payments giant PayPal’s
“Bitcoin is leading a digital monetary revolution around the world,” Skybridge chief operating officer Brett Messing added. “We believe the onus has shifted from ‘why are you investing in bitcoin?’ to ‘how are you not investing in bitcoin?'”
Slides from a leaked investor deck reveal Skybridge “expects a tidal wave of institutional capital” into the bitcoin market. It predicts hedge funds, insurance companies and a long-awaited bitcoin exchange-traded fund are “coming.”
Bitcoin’s rally comes alongside its growing…