SkyBridge Capital founder Anthony Scaramucci has reaffirmed his belief that institutional adoption of Bitcoin (BTC) is currently unfolding and is expected to gain significant momentum in the coming quarters. During an appearance on CNBC’s “Squawk Box,” the former White House Director of Communications highlighted the recent entry of U.S. pension funds into the crypto market. Notably, the State of Wisconsin Investment Board has invested in BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).
According to recent filings with the U.S. Securities and Exchange Commission (SEC), the Wisconsin Investment Board allocated $170 million to these Bitcoin trusts. This move signals a substantial shift in institutional attitudes toward Bitcoin as a strategic asset.
“I think the institutional adoption is happening now,” Scaramucci stated. “The State of Wisconsin announced. We expect other pension funds to announce.”
Scaramucci attributes this burgeoning interest to regulatory approvals that have alleviated concerns among large-scale institutional investors. With these regulatory barriers lifted, institutions are increasingly incorporating Bitcoin into their long-term tactical asset allocation strategies. “If you’re not long Bitcoin, you’re essentially short Bitcoin, especially considering BlackRock’s stance on incorporating it into their strategic plans,” Scaramucci emphasized.
The trend of institutional adoption is further underscored by the disclosure of nearly 1,000 large investors holding U.S. Bitcoin spot ETFs. Scaramucci positions himself firmly within the “digital gold” narrative, viewing Bitcoin primarily as a store of value. He has previously likened Bitcoin to a “compounding machine for investors,” comparable to Berkshire Hathaway, and dismissed the notion of Bitcoin as primarily a medium of exchange, a sentiment shared by MicroStrategy’s Michael Saylor.
Looking ahead, Scaramucci, a former Goldman Sachs banker, remains optimistic about Bitcoin’s long-term growth potential. He believes that even conservative projections could lead to Bitcoin’s market capitalization rivaling that of gold. He sees Bitcoin’s current phase as an early adoption period that offers strategic advantages to investors who are willing to navigate its inherent risks and volatility.
“Sometimes, when you’re early, you get a lot of bumps and scrapes. But I think it pays to be early in Bitcoin, and I think we’re still early in Bitcoin,” he remarked.
Despite the positive momentum, Scaramucci emphasized the importance of education and due diligence for investors entering the Bitcoin market. He stressed the need to understand the underlying principles driving Bitcoin’s value proposition, beyond just reading its white paper.
SkyBridge’s early adoption of Bitcoin, despite initial skepticism from some financial institutions, underscores Scaramucci’s confidence in its future. He pointed out that many of these institutions have since embraced Bitcoin and related investment products like ETFs.
As institutional adoption continues to gather pace, Bitcoin’s value proposition will become increasingly apparent to a broader audience of investors, Scaramucci concluded.
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