Anthony Scaramucci, President of SkyBridge Capital and former White House Communications Director, believes that the value proposition of Bitcoin (BTC) has increased significantly now that governments have removed many of the risks associated with digital assets.

In an article published on CNN, Scaramucci and others SkyBridge Brett Messing claim that bitcoin has become a viable option for long-term investors who want a haven for inflation. The authors also claim that owning Bitcoin is less risky today than it was a few years ago, when the rules and infrastructure were still behind.

The authors write and quote Comptroller’s Office decision to allow banks to offer cryptocurrency services, and the rise of Bitcoin “has forced governments and institutions to step in and eliminate many of the risks associated with the digital currency.”

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“[…] Increased regulations, improved infrastructure and access to financial institutions such as Fidelity, which has investors’ money, have made investing in Bitcoin as safe as owning bonds and commodities such as gold, which is also used to balance portfolios.”
SkyBridge Capital made a big hit last month when it applied to the US Securities and Exchange Commission to open a Bitcoin hedge fund. A few weeks later, the SkyBridge Bitcoin Fund LP was launched, with Fidelity taking on the role of Sentinel and Ernst & Young to carry out the audit.

SkyBridge reportedly invested in Bitcoin in November and December, which allowed it to pick up a large position in the digital asset before the corresponding dash. At the time of the fund’s launch on January 4, SkyBridge stated that its share of bitcoins was estimated at around $ 310 million.

Institutional capital was the main catalyst for Bitcoin’s 300 percent increase in 2020, which reached a record high of around $ 42,000 on January 8. The bullish potential is much higher than for precious metals.

Source: CoinTelegraph

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