Sovereigns Are Buying Billions Of Bitcoin, Says Anthony Scaramucci
Bitcoin surpassed the $100,000 mark for the second time in its history, last seen in February. Sovereign wealth funds are reportedly accumulating Bitcoin, with expectations of increased purchases once U.S. regulations are clarified. Anthony Scaramucci stated that these funds are discreetly buying Bitcoin as a hedge against erratic U.S. policies. He believes regulatory approval will lead to significant capital inflows, potentially pushing Bitcoin's price to seven figures. Scaramucci emphasized that sovereign allocations of 1%-3% could elevate Bitcoin's market cap to match gold's $20-30 trillion. Despite market volatility, Bitcoin's value has remained stable, and SkyBridge Capital's performance has benefited significantly from its Bitcoin investments. Younger investors view Bitcoin as a long-term asset, while widespread institutional adoption awaits clearer U.S. regulations. As of the latest update, Bitcoin is trading at $103,077.
