Cryptocurrency adoption is increasing rapidly, and there are many new major names in the crypto industry. Skybridge Capital’s Anthony Scaramucci, for example, recently discussed why he invested $1.3 billion in cryptocurrencies out of $9 billion in assets.
Scaramucci is not a newcomer to cryptocurrency, but he recently increased his investment by nearly 150 percent, sparking heated debate. So, naturally, when he joined Halftime Report for a discussion, the subject came up right away. He explained that a large part of it is due to price appreciation, as Bitcoin (BTC/USD) has risen from $29k in mid-May to around $50k. Furthermore, he stated that the ETF CRPT, which is a crypto ecosystem publicly traded security ETF, is another reason for increased interest in crypto.
Scaramucci also stated that a new $2 million cryptocurrency fund will be launched next week in Abu Dhabi, with some components of private equity and some components of the coins themselves.
He also mentioned the newly launched Algorand Fund, which debuted just a few days ago, on December 1st. The fund is $100 million in size, and Scaramucci appears to have high hopes for Algorand, noting that some predictions suggest it could even flip Ethereum (ETH/USD). Of course, because Algorand is faster and cheaper, not to mention has a lower carbon footprint, he compared it to Google in its early days.
In terms of the total amount invested in cryptocurrency, he revealed that it is approximately $1.3 billion out of a total of $9 billion. In terms of funds, that equates to about 10% to 25% of each fund dedicated to cryptocurrencies. He emphasized once more that much of it is simply price appreciation.