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Institutional Bitcoin Adoption Is Just Getting Started, Says Anthony Scaramucci

Anthony Scarmucci, co-founder of Skybridge Capital, asserts that newcomers to Bitcoin are in the early stages, noting that institutional adoption of the cryptocurrency is just beginning to gain momentum.

Anthony Scaramucci On Institutional Bitcoin Investment

During an interview with CNBC on Thursday, the investor emphasized that institutional adoption of Bitcoin is currently underway, highlighting his expectation for more pension funds to soon disclose their allocations to BTC.

“Bitcoin now has the regulatory approval – that was the rate-limiting step for a lot of these large-scale institutions,” Scaramucci explained. “Just remember, if you’re not long Bitcoin, then you’re possibly short Bitcoin.”

Leading up to May 15, nearly 1000 large investors, each with over $100 million in assets, disclosed ownership of at least one U.S. Bitcoin spot ETF in their securities portfolios. Among them was the State of Wisconsin Investment Board (SWIB), which disclosed a $162 million allocation to the ETFs this week.

According to Scaramucci, institutions are cautiously entering the BTC space before integrating it into a “total tactical asset allocation index.”

Bitwise CIO Matt Hougan echoed this sentiment on Tuesday, suggesting that institutions might allocate between 1% and 5% of their portfolios to BTC as they gradually expose client funds to the asset.

How High Can Bitcoin Go?

When asked about the widespread adoption of Bitcoin, Scaramucci categorized himself in the “digital gold category,” alongside investors who view the asset primarily as a store of value rather than a medium of exchange. MicroStrategy executive chairman Michael Saylor shares this perspective, having previously dismissed Bitcoin’s use case as a currency as “a distraction.”

“Sometimes when you’re early, you encounter a lot of bumps and scrapes, but I believe it’s advantageous to be an early adopter of Bitcoin, and I still think we’re in the early stages,” he concluded.

Earlier this year, Scaramucci made a prediction that Bitcoin could reach $170,000 per coin by the end of 2025.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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