- Billionaire Anthony Scaramucci suggests that institutions are going long on Bitcoin (BTC) following the approval of spot ETFs.
- Scaramucci supports the narrative of Bitcoin as a hedge against inflation.
- “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.
Spot ETF approval sparks institutional interest in Bitcoin, with Anthony Scaramucci of SkyBridge Capital highlighting the potential of Bitcoin as a hedge against inflation.
Spot ETF Approval Fuels Institutional Bitcoin Adoption
Following the approval of spot ETFs by the Securities and Exchange Commission (SEC) in January, institutions have reportedly increased their adoption of Bitcoin. Anthony Scaramucci, the founder of SkyBridge Capital, noted in a recent CNBC interview that many major institutions have taken long positions in Bitcoin, referencing BlackRock as an example. Scaramucci reiterated his bullish stance on Bitcoin, stating that despite initial pushback when SkyBridge announced its Bitcoin position in 2020, many of these firms have now invested in the asset.
Scaramucci Supports ‘Digital Gold’ Narrative
When asked why institutions are rapidly adopting this asset, Scaramucci cited two main reasons: Bitcoin’s potential as a hedge against inflation and its future as a transactional currency. Despite Michael Saylor of MicroStrategy advocating for the latter, Scaramucci stated that he remains in the digital gold category. He believes that Bitcoin will become the standard currency worldwide over the years.
Bitcoin as a Hedge Against Inflation
Bitcoin bulls have always viewed the asset as a hedge against inflation, especially as central banks continue to print more money. Recent negative macroeconomic factors have deepened calls for mass adoption of BTC. Meanwhile, various factors have impacted stocks. Some cryptocurrency users also support a fundamental transition to a more decentralized and transparent model than the central bank. Scaramucci advised participants to do their homework on Bitcoin, suggesting that people tend to lean towards Bitcoin after conducting research.
Conclusion
With the approval of spot ETFs, institutional interest in Bitcoin has surged. The narrative of Bitcoin as a hedge against inflation continues to gain traction, with influential figures like Anthony Scaramucci supporting this perspective. As more people and institutions do their homework on Bitcoin, the adoption of this digital asset is likely to continue growing.
