Anthony Scaramucci, well-known bitcoin proponent and the head at SkyBridge Capital, believes that investment portfolios’ future lies with digital assets. After expressing pro-bitcoin sentiments for several months, he reveals that Ethereum is on a bullish run, but investors only continue to ask about Bitcoin. He outlined the benefits of the second-largest cryptocurrency, ETH. Although he stated that institutions are still focused on bitcoin, he hinted that SkyBridge Capital has plans to launch an Ethereum Fund in the nearest future.
The former Director of Communications at the White House has quite been a proponent for cryptocurrency since the end of 2020, when his company announced plans to launch a Bitcoin Fund. His sentiments focused on Bitcoin but in a recent interview with Squawk Box where he received questions regarding Ethereum and its role as the framework for DeFi, NFTs, and several other blockchain applications.
Institutional investors still running after Bitcoin
Scarramucci says he believes there’s a massive and promising market for Ethereum. He adds that he predicts Ethereum will grow based on its excellent fundamentals. He expressed his bullish stance on ETH’s price development for the future. He expresses his belief in the store of value the blockchain technology has, saying the technology surrounding it will make it a sticky currency, and a lot of people will transact with it.
Scaramucci well admits the potential for ETH, but the demand from institutional investors still points to Bitcoin’s direction. His company, SkyBridge Capital, holds over $600 million worth of BTC at present. The firm recently applied for SEC approval of a Bitcoin ETF. Scaramucci admits that his focus on bitcoin has more to do with his client’s preferences. In his words, “I’m into an institutionalist sort of business; it’s required to think like one. I have to get my clients thinking about digital assets and cryptocurrency, and presently we only have a Bitcoin Fund, hence, the focus on Bitcoin.”
Ethereum has recorded more profit than Bitcoin this month
His stance on bitcoin is, however, still unwavering. He believes that bitcoin has the highest potential to turn investors towards the cryptocurrency market. And once it does, the possibility for Ethereum and several other digital assets opens up. It’s noteworthy to realize that all large organizations that already have an Ethereum Fund started with Bitcoin first— in this case, Grayscale, CoinShares, 3iQ, etc.
Ethereum has grown fast over the years, its growth even surpassing bitcoin’s this year. Ethereum has gained over 120% since the start of the year, and Bitcoin has gained only about 100%. It is the second-largest cryptocurrency by cap and has gained support from high-profile investors.
Mark Cuban revealed his bullish stance on ETH, even calling it “a hotbed of continuous innovation.” Anthony Scaramucci wouldn’t recommend a portfolio allocation of 20% just yet, but he thinks an allocation of one to three percent is ideal. There are exciting prospects and opportunities for technology just breaking out, and foresee the situation is a necessary skill.