SkyBridge Capital founder Anthony Scaramucci believes institutional adoption of Bitcoin has begun in full force and will accelerate rapidly in the coming quarters.Scaramucci made the statement during an interview on CNBC, where he highlighted the growing acceptance of Bitcoin among major financial institutions and pension funds.Scaramucci pointed to Wisconsin’s recent announcement of its investment in Bitcoin and suggests other pension funds will likely follow. He attributed the growing institutional interest to Bitcoin’s regulatory approval, which addresses a key barrier for large-scale institutional investors.Scaramucci explained:“With regulatory hurdles cleared, institutions now feel more comfortable including Bitcoin in their long-term tactical asset allocation strategies. If you’re not long Bitcoin, you’re essentially short Bitcoin, especially considering BlackRock’s stance on incorporating it into their strategic plans.”He also touched on the broader implications of Bitcoin adoption. Scaramucci described Bitcoin as “digital gold” rather than a universal currency, highlighting its role as a hedge against massive money printing and inflation.He encouraged investors to thoroughly research Bitcoin, noting that a deep understanding of its history and fundamentals often leads to increased confidence in its potential.SkyBridge Capital’s early adoption of Bitcoin in November 2020 faced skepticism from some financial institutions. However, Scaramucci points out that many of these same institutions now embrace Bitcoin and related investment products, such as exchange-traded funds (ETFs).Scaramucci said:“Being early in Bitcoin can come with challenges, but it’s proving to be advantageous. We believe we are still in the early stages of Bitcoin’s institutional adoption.”Speculation about Bitcoin’s future value continues to grow. Tom Lee, a prominent Bitcoin analyst, recently forecast a potential price of $150,000 by the end of the year which the anchors believe may be far-fetched due to the subdued price growth in recent weeks.However, Scaramucci expressed confidence in Bitcoin’s long-term growth, suggesting that even if Lee’s projection is off by half, Bitcoin’s market cap could still reach significant heights — comparable to gold’s $16 trillion valuation.He said:“Bitcoin’s potential to reach $8 trillion in market cap is not far-fetched. This increasing institutional interest testifies to Bitcoin’s emerging role as a critical component of modern investment portfolios.”As Bitcoin continues to gain traction among institutional investors, its role in the global financial landscape appears set to expand further, with experts like Scaramucci at the forefront of this transformative trend.Bitcoin was trading a little under $66,880 as of press time, based on CryptoSlate data.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Catch the latest in crypto by following us on X. Stay informed on the go.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
