Anthony Scarmucci on Institutional Adoption
Skybridge Capital co-founder Anthony Scarmucci believes that the new players entering the world of Bitcoin are in the early stages, with institutional adoption of the cryptocurrency gaining momentum. In an interview with CNBC, Scarmucci highlighted that institutional adoption is currently underway, with more pension funds expected to announce their Bitcoin allocations soon.
“Bitcoin now has the regulatory approval – that was the rate-limiting step for a lot of these large-scale institutions,” explained Scaramucci.
Scarmucci emphasized the importance of being involved in Bitcoin, stating, “Just remember, if you’re not long Bitcoin, then you’re possibly short Bitcoin.” The trend of institutional investors adding Bitcoin to their portfolios was evident leading up to May 15, with around 1000 large investors disclosing ownership of U.S. Bitcoin spot ETFs.
- One notable investor, the State of Wisconsin Investment Board (SWIB), revealed a significant $162 million allocation to Bitcoin ETFs.
Scarmucci predicts that institutions are gradually exploring Bitcoin as part of their strategic asset allocation strategies, with Bitwise CIO Matt Hougan suggesting potential allocations ranging from 1% to 5% of their portfolios to BTC.
The View on Bitcoin’s Growing Popularity
When discussing the reasons behind Bitcoin’s increasing adoption, Scarmucci categorized it as part of the “digital gold” class, appealing to investors who see it primarily as a store of value rather than a means of exchange. This sentiment is echoed by MicroStrategy executive chairman Michael Saylor, who views Bitcoin’s utility as a currency as a distraction.
“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,” Scarmucci concluded.
Earlier this year, Scarmucci expressed optimism, forecasting that Bitcoin’s value could surge to $170,000 per coin by the end of 2025, underlining the potential growth and significance of Bitcoin in the financial realm.
