• The CEO of SkyBridge Capital believes institutions are ready to pounce on a spot Bitcoin ETF

  • SkyBridge Capital CEO Anthony Scaramucci is bullish about the possible adoption of a spot Bitcoin Exchange Traded Fund (ETF) product by institutional investors. Scaramucci revealed his opinion on The Scoop, a Podcast event, where he claimed that he knows a lot of companies that are eager to invest in the product.

    “Buddies of mine have very large institutions, that unfortunately for right now have to remain nameless due to confidentiality, that is gearing up and ready to pounce on the Bitcoin cash ETF,” he said.

    There has been a lot of buzz among investors about a spot Bitcoin ETF. While these investors can easily stack up on Bitcoin like MicroStrategy, they often choose ETFs since they are closer to a product they can understand. An ETF alleviates the stress of directly holding Bitcoin and its attendant hazards, as well as reducing custody fees.

    The process of approving a spot Bitcoin ETF has been difficult since the US Securities and Exchange Commission (SEC) has either delayed or rejected these proposals. Scaramucci believes that given how crowded and mature the business is, and the recent rejections of One River Asset Management and Fidelity’s Wise Origin Bitcoin Trust Spot ETF, all of this will change this year.

    The CEO of SkyBridge Capital Opinion on Fidelity’s 401(k) Product

    Fidelity Investments, the largest Retirement Funds operator in the United States, recently announced the launch of a new kind of account in which Retirement Funds can be deployed to hold Bitcoin. Scaramucci believes the Fidelity product can cause a huge shift in view of Bitcoin across the board, based on his perception of the role of institutional investors in the crypto business.

    “Fidelity is about to do for bitcoin what it did for the mutual fund and the U.S. equity markets when the 401k programs came into existence in the 1980s. The under-ownership of stocks born from the Great Depression still lived in the 1980s, and Fidelity pushed that into people’s accounts, successfully for them, and successfully for Fidelity. They’re about to do that to Bitcoin,” he said.

    While Scaramucci’s SkyBridge Capital is a unique insider with its vast BTC investments, no one can predict when all of these products aimed at institutional investors will become available.

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