Yahoo Finance’s Julia LaRoche spoke with SkyBridge Capital founder Anthony Scaramucci about the outlook for bitcoin. Anthony Scaramucci, the founder of $9.2 billion fund-of-funds SkyBridge Capital, says Bitcoin could “easily trade” at $100,000 per coin in the next 12 months. In January, SkyBridge, which provides a conduit for the mass affluent and registered investment advisors (RIAs) to invest in the hard-to-reach asset class of hedge funds, launched its Bitcoin Fund L.P. with $25 million of its own capital. The fund has a minimum subscription size of $50,000 and charges an annual fee of 75 basis points.
Scaramucci told Yahoo Finance Live on Wednesday that the SkyBridge Bitcoin fund is “heading towards $100 million” in assets under management. Scaramucci advised that investor put the size and scale of money they don’t need in the short-term in Bitcoin, which he thinks has “a very big future.” Scaramucci, who started out as a Bitcoin skeptic before becoming an investor, though not an evangelist, said his message to other money managers is that he believes their performance will be benched off of Bitcoin.
With no way to make an argument of what a Bitcoin is worth on a fundamental basis, Scaramucci’s Bitcoin prediction is just as good as any other being made. He can also generate as a mass following by making statements such as this, because Bitcoin/crypto investors love to hear predictions of massive gains and claims of how everyone is going to want to use “virtual paper” even if goverments are eyeing it as using it one day as the ultimate control mechanism. – WallStreetWindow editorial note.