bitcoin

Anthony Scaramucci says that Bitcoin is as secure as gold and bonds

Anthony Scaramucci, head of SkyBridge Capital and former communications director of the White House. Believes that the value proposition of Bitcoin (BTC) has significantly strengthened now. That governments have addressed many of the digital asset-related risks.

Scaramucci and fellow SkyBridge executive Brett Messing, in an opinion article published on CNN. Argue that Bitcoin has become a viable option for long-term investors seeking refuge from inflation. The authors also claim that holding Bitcoin is far less risky today. When regulations and infrastructure still underdeveloped a few years ago.

The growth of Bitcoin “has caused governments and institutions to step in and address many of the risks associated with the digital currency,” the authors wrote, referring to the Office of the Currency Comptroller’s decision to authorise banks to provide cryptocurrency services.

They continued:

“[…] increased regulations, improved infrastructure and access to financial institutions — like Fidelity — that hold investors’ money have made bitcoin investments as safe as owning bonds and commodities like gold, which are also used to balance portfolios.”

SkyBridge Capital made a big splash

When it filed a request with the U.S., SkyBridge Capital made a big splash last month. Securities and Exchange Commission to launch a hedge fund for BTC. A few weeks later, the SkyBridge Bitcoin Fund LP began, with Fidelity serving as custodian and Ernst & Young handling the auditing.

During November and December, SkyBridge reportedly invested in Bitcoin. Enabling it to accumulate a large digital asset position prior to its parabolic spike. SkyBridge claimed its BTC exposure worth approximately $310 million at the time the fund launched, on Jan 4.

Institutional capital was a major catalyst behind the 300 percent rally of Bitcoin in 2020, culminating on Jan. 8 with a new all-time high near $42,000. Bitcoin is viewed by so-called smart money investors as a form of digital gold. One with a potentially much higher upside than precious metals.

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