Anthony Scaramucci says more companies should hold bitcoin in their balance sheet since the explosion in US money supply is a ‘silent tax on American savers’

Anthony Scaramucci
  • Anthony Scaramucci thinks responsible company treasurers have to think about adopting bitcoin.
  • He thinks a deluge of money supply in the US is in fact a “silent tax on American savers.”
  • He said a $1 million price target for bitcoin is likely, but would stick to his earlier prediction of $100,000.
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Hedge fund manager Anthony Scaramucci said in a recent interview more companies should begin to hold bitcoin because a flood of stimulus money in the US is actually a “silent tax on American savers.”

“A responsible CFO, or responsible treasurer, will have to think about other assets to hold as a potential store of value for their companies,” he said on CoinDesk TV.

The latest $1.9 trillion stimulus pumped into the economy, aimed at rescuing struggling families and unemployed Americans, represents 40% more dollar flow in more than two centuries, he said. That, according to the financier, is eroding the value of savings.

An abundance of US dollars theoretically pushes the value of the world’s reserve currency lower.

Scaramucci said the reason he is so bullish on bitcoin is that it’s a “solution” to the dilemma faced by middle and lower income people affected by the end of the Bretton Woods Agreement in 1971. That could mean the digital coin may become the currency of the world unless the US dollar is digitized and is no longer influenced by politicians and policymakers. That needs to happen soon, he said.

His company launched a bitcoin fund in December and filed for a bitcoin ETF last week. He also expects to add an Ethereum-based product in the future.

Scaramucci said a $1 million price target for bitcoin is likely, but would stick to his earlier prediction of $100,000 for now. He said he wanted to avoid getting into trouble with clients for announcing unconvincing predictions because “they’ve grown to think that I am nuts.”

Bitcoin was last trading 1.2% higher at $54,734 on Tuesday and is up 85% year-to-date.

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Anthony Scaramucci’s SkyBridge hedge fund just invested $25 million in a bitcoin fund as it sees an ‘avalanche of institutional investors’ buying crypto in 2021

Anthony Scaramucci
  • Anthony Scaramucci’s SkyBridge Capital just launched a bitcoin fund and invested $25 million of capital. It will go live to outside investors in 2021.
  • After bitcoin’s 200% rally this year, investors may be hesitant to buy bitcoin at current levels. But Scaramucci told CNBC the coin is in its “early innings,” and he wants to get in before the price soars even higher. 
  • “We could be at the precursor of an avalanche of institutional investors heading in,” Scaramucci said on Tuesday.
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The latest institutional investor to dive into bitcoin is SkyBridge capital, Anthony Scaramucci’s hedge fund. The $9.3 billion firm filed an SEC form D on Monday to launch the “SkyBridge Bitcoin Fund L.P.”

Scaramucci told CNBC that the fund started trading on Tuesday with $25 million of SkyBridge’s funding, and will go live to outside investors who can invest a minimum of $50,000 on January 4.

After bitcoin’s 200% rally this year, investors may be hesitant to buy the cryptocurrency right now in fear that a post-rally pullback is on the way. But Scaramucci said bitcoin is in its “early innings,” and he wants to get in before the price soars even higher.

“We could be at the precursor of an avalanche of institutional investors heading in,” Scaramucci said in a Tuesday CNBC interview. He added there may be a large swath of investors buying bitcoin in the first quarter of 2021 because they didn’t want to put it on their balance sheets in 2020.

Read more: The CIO of a new crypto fund that has returned 220% to investors this year explains why bitcoin topped $20,000 for the first time ever this week – and shares another digital currency set to become the ‘asset of the year’ in 2021

The SkyBridge Capital founder also said bitcoin will be a “very strong asset class” over the next decade given the monetary supply and current central banking coordination. 

SkyBridge joins a growing group of institutional players that are acknowledging bitcoin’s legitimacy as a store of value. Last month, Guggenheim filed to reserve the right for 10% of its $5.3 billion Macro Opportunities Fund to invest in the Grayscale Bitcoin Trust.

Other firms like MassMutual have invested in the cryptocurrency as well. Meanwhile, billionaire investors such as Stanley Druckenmiller and Paul Tudor Jones have  publicly discussed their bitcoin purchases.

Read more: BANK OF AMERICA: Buy these 16 medtech stocks with strong fundamentals that are set to soar post-pandemic

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