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Highlights
- Anthony Scaramucci says institutions are bullish on BTC after spot ETF approval.
- Institutional to long the asset amid a turnaround in market sentiment.
- Scaramicci backed the Digital Gold’s narrative to hedge inflation.
SkyBridge Capital’s Anthony Scaramucci has doubled on the institutional adoption of Bitcoin (BTC) following recent revelations of spot BTC ETF exposures. In a recent CNBC interview, Scaramucci noted the bullish stance on institutions after the Securities and Exchange Commission (SEC) approved spot ETFs in January.
"When you do the homework on Bitcoin, you go towards Bitcoin…sometimes when you’re early you get some bumps and scrapes, but I think it pays to be early in Bitcoin and we are still early in Bitcoin," says SkyBridge Capital's Anthony Scaramucci. pic.twitter.com/HTfbwH5VJG
— Squawk Box (@SquawkCNBC) May 16, 2024
According to him, spot Bitcoin ETF approval was the regulatory approval most big institutions required to open the door to the asset spurring a new tide in the asset’s price. He added that most firms go to long Bitcoin citing references from BlackRock before it becomes part of a tactical asset allocation index.
Reiterating his bullish sentiment, Scaramucci noted that SkyBridge disclosed its Bitcoin position in 2020 and received lots of backlash. However, at the moment, many of those firms have gained exposure to the asset.
“Sometimes when you’re early you get some bumps and scrapes, but I think it pays to be early in Bitcoin and we are still early in Bitcoin.”
Scaramucci Backs Digital Gold’s Narrative
The asset management executive was asked why institutions are fast adopting the asset. Specifically narrowed to two reasons; a hedge against inflation or the future transactional currency. Scaramucci stated that he remains in the digital gold category although MicroStrategy’s Michael Saylor will argue for the latter.
“Michael Saylor will probably call my cellphone after this and say no this isn’t the universal currency category. Meaning it will eventually be the standardized currency for the world over the years.”
Bitcoin to Hedge Against Inflation
Bitcoin bulls have always tipped the asset as a hedge against inflation amid the central bank printing more money. Recent negative macroeconomic factors have affected stocks in several justifications further deepening calls for the mass adoption of the asset.
Some crypto users have also supported a fundamental shift from the central bank to a more decentralized and transparent model. Scaramucci advises participants to do their homework on the asset adding that people tend to move towards Bitcoin after research.
Also Read: Binance To Remove NOT/BTC Trading Pair Amid Compliance Check Concerns
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