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Co-founder of Skybridge Capital, Anthony Scarmucci, feels that institutional adoption of Bitcoin is still in its infancy and that newcomers are still in the early stages.
The investor said institutional adoption is “happening now” and predicted that more pension funds will soon disclose that they had BTC allocations in an interview with CNBC on Thursday.
“For many of these big institutions, regulatory approval was the rate-limiting step, and Bitcoin now has it,” Scaramucci said. Remember, you might be short on bitcoin if you’re not long on it.
Up to May 15, about a thousand big investors with assets of more than $100 million revealed holding at least one U.S. Bitcoin spot ETF in their portfolios. The State of Wisconsin Investment Board (SWIB) was one of those investors; this week, it revealed a $162 million commitment to the ETFs.
Related: Kiyosaki Doubles Down on Crypto, Sees Bitcoin as Perfect Asset
Institutions, claims Scaramucci, are dabbling in bitcoin before it is included in a “total tactical asset allocation index.”
Backing this opinion on Tuesday, Bitwise CIO Matt Hougan said that when institutions tentatively expose client assets to bitcoin, they may start allocating between 1% and 5% of their portfolios to the cryptocurrency.
Scaramucci responded that he belonged to the “digital gold category,” a group of investors who view Bitcoin’s main application as a store of value rather than a means of commerce, when questioned why the currency would find such broad adoption. MicroStrategy executive chairman Michael Saylor is in this group; he has labeled the use case for Bitcoin as currency “a distraction.”
“We think we’re still early in Bitcoin, but sometimes being early gets you a lot of bumps and scrapes,” he said.
Scaramucci had forecast earlier this year that by 2025, BTC would be worth $170,000 per coin.