Anthony Scaramucci Reiterates Bitcoin Bullish Trajectory Amid Institutional Entries
SkyBridge Capital’s Anthony Scaramucci doubled down on institutional adoption of Bitcoin (BTC) following recent revelations regarding spot BTC ETF risks. soon CNBC interviewScaramucci noted his bullish stance on institutions after the Securities and Exchange Commission (SEC) approved spot ETFs in January.
According to him the point Bitcoin ETF The approval was the regulatory approval most major institutions needed to open the door to the asset, leading to a new rise in the asset’s prices. He added that most firms went long Bitcoin, citing references from BlackRock before it became part of its tactical asset allocation index.
Reiterating his bullish expectation, Scaramucci stated that SkyBridge announced its Bitcoin position in 2020 and received a lot of reactions. But now most of these firms have exposure to the asset.
““Sometimes when you come in early you get some bumps and scrapes, but I think it pays to be early in Bitcoin and we are still early in Bitcoin.”
Scaramucci Supports Digital Gold’s Narrative
The asset management executive was asked why institutions were rapidly adopting the asset. To narrow it down to two reasons in particular; Hedging against inflation or future transaction currency. MicroStrategy’s Michael Saylor will defend the latter, but he remains in the digital gold category, Scaramucci said.
Bitcoin Will Be Protected Against Inflation
Bitcoin bulls We have always highlighted this asset to protect against inflation in an environment where the central bank prints more money. Recent negative macroeconomic factors have impacted stocks for a variety of reasons, further deepening calls for mass adoption of the asset.
Some crypto users also supported a fundamental shift away from the central bank towards a more decentralized and transparent model. Scaramucci advises attendees to do their homework on the asset, adding that people tend to gravitate toward Bitcoin after research.
So read: Binance to Remove NOT/BTC Trading Pair Amid Compliance Check Concerns
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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