Just days after launching a bitcoin fund and revealing the purchase of $25 million bitcoin, SkyBridge now says their position has grown to $310 million.
“We believe Bitcoin is in its early innings as an exciting new asset class,” said SkyBridge founder and managing partner Anthony Scaramucci. “With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.”
The fund facilitates bitcoin investments of $50,000 or more, with it just one of the recent entrants to cater to growing demand from wealthy investors.
“With global money printing at an all-time high, Bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation,” said Ray Nolte, SkyBridge Co-Chief Investment Officer and Senior Partner.
As London announces a new lockdown, such money printing may accelerate even further, making cash a dispensable asset.
To park it, stocks remain the preferred venue, holding some $100 trillion globally and growing.
Bitcoin is now arguably the second most preferred parking space for devaluing fiat, especially as the crypto aspires to challenge the stock market through defi offerings.
That has led to a growing institutional adoption for the currency as a hedge against fiat and as an advanced way of doing finance with bitcoin now beginning to replace gold, while eth prototypes automated digital banks.
Leading to a formidable duo that complementarily is leading to significant innovation in the area of finance at a time of negative interest rates.