Key highlights:
- Crypto news outlet The Block is reporting that an investor deck from Skybridge Capital reveals the company has already invested $182 million in Bitcoin
- According to the slide presentation, the company has also allocated more than $25 million for a new Bitcoin fund
Crypto news publication The Block obtained an investor deck made by Anthony Scaramucci’s Skybridge Capital which reportedly shows that the company has already invested $182 million into Bitcoin. The company is also planning to launch a new Bitcoin fund, and has established companies such as the crypto-friendly bank Silvergate. In another part of the deck, Skybridge reportedly stated it had allocated $25.3 million to the new Bitcoin fund.
Skybridge is the latest institutional player that has entered the cryptocurrency arena. Other players that have made investments in Bitcoin include Tudor Investment Corp, Ruffer and One River Digital Asset Management.
Skybridge thinks that further mass adoption, and that Bitcoin offers several advantages over gold. As the development of the market progresses, more hedge funds and insurance funds will decide to make an allocation of their own.
Bitcoin will revolutionize traditional portfolios
The traditional portfolios are usually comprised of stocks and bonds, but investors are now seeking new opportunities, and Bitcoin has presented itself as an attractive option. Skybridge believes one of the main reasons behind the shift is due to the Federal Reserve’s actions and the policy of negative interest rates.
The pandemic has forced many governments to print money at an accelerated pace and release stimulus packages, and this has served as a catalyst for Bitcoin, an asset that cannot be created arbitrarily.
Institutions can bring unprecedented amounts of capital into the Bitcoin market. As we’ve already seen, the new influx of capital from institutions has made it possible for Bitcoin to smash its previous all-time high of $20,000 and even surpass $30,000 shortly after.
