Anthony Scaramucci outlines his new Bitcoin fund, discloses initial $25 million investment
December 22, 2020, 6:02PM EST
1 min read
The bitcoin fund founded by Anthony Scaramucci's SkyBridge Capital has invested some $25 million ahead of a planned public opening sometime next year.
In comments to CNBC, Scaramucci outlined the contours of the Bitcoin fund — the existence of which The Block reported Monday — and its potential appeal to would-be investors.
“It became clear that we needed to create a client-friendly product, something with a $50,000 minimum, that the mass affluent could access, or RIAs that were close to it can access,” Scaramucci told the outlet.
With more institutional interest in Bitcoin in global central banks, Scaramucci says the cryptocurrency will be a “very strong asset class over the next decade.”
The filing for the new fund follows the week in which Bitcoin broke above $20,000 for the first time. As of press time, the cryptocurrency is trading at roughly $23,450 on Coinbase.
Scaramucci was asked if he thought it was "too late" to invest in Bitcoin given its recent price ramp.
“For us, I don’t think it’s late. If anything, it’s the first inning. You’re about to see that wave of early adoption by the institutional community. I’d like to get our investors involved before that goes into full throttle,” Scaramucci said.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.