SkyBridge Capital founder Anthony Scaramucci says mass adoption is likely coming on the back of Bitcoin (BTC) exchange-traded funds (ETFs).
In a new interview on crypto influencer Natalie Brunell’s YouTube channel, Scaramucci says that spot Bitcoin ETFs will significantly increase the number of investors, including public entities, investing in the flagship digital asset.
“I’m wildly bullish long-term. I’m not worried about the concentration issues, because we have some ETFs right now. I think the ETFs, again from a historical perspective, will have provided a catalyst for further adoption.”
Scaramucci believes that investment portfolios will one day be expected to include a percentage of Bitcoin in the mix of other investments like stocks and gold. He suggests that the State of Wisconsin is an early example of this trend.
“The state of Wisconsin bought $150 million worth of Bitcoin a few months back. Maybe it was four or five months ago. And the thinking behind that is, hey, there’s going to be a portfolio asset allocation mix that’s going to include Bitcoin someday. Someone’s going to say, ‘Natalie, you’re a fund manager.’ ‘Yes, I am.’ ‘Okay. How do we judge you? Well, we’re going to judge you by stocks, bonds, alternative investments, hedge funds, gold and there’ll be a small sliver for Bitcoin.’
And so the state of Wisconsin is saying if I’m not long Bitcoin, I’m short Bitcoin. That’s coming, why don’t I start buying it now, before the wave comes of all the people that feel that it’s important or imperative that they need to own it.”
Bitcoin is trading for $66,423 at time of writing, up more than 1% in the last 24 hours.
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