Another Bitcoin bull intending to give legitimacy to the token

  • Anthony Scaramucci, the latest Bitcoin bull has launched a Bitcoin fund for wealthy investors
  • The latest launched fund aims to provide wealthy investors exposure to the leading crypto token
  • According to Scaramucci, the soaring cryptocurrency is a portable and modern way to store value
  • Scaramucci predicted that the price of leading crypto token would surge more

Bitcoin, which showed its potential in recent months after a booming performance has now set the bar high with a new all-time high record. This momentum has now turned the attention of the crypto world, attracting several financial institutions that have helped Bitcoin surge such levels. However, there are many skeptics who still believe to have been swayed by the bull run. For example Anthony Scaramucci, the latest Bitcoin bull who is hoping to give the currency some legitimacy.

Bitcoin as a portable and modern way to store value

On Monday, SkyBridge Capital, Scaramucci’s firm, officially launched the SkyBridge Bitcoin Fund LP. It is known that the fund is created to offer exposure to the soaring crypto coin for wealthy investors only, as the minimum amount for investment is $50,000. However, it is observed that currently, the fund is holding approximately $310 million worth of Bitcoins. Before the launch of the fund, Scaramucci stated that they love the scarcity of Bitcoin, as this is a portable and modern way to store value.

Scaramucci was sceptical about investment in cryptos

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Millionaire Bitcoin investors like Stanley Druckenmiller and Paul Tudor Jones, have changed several individuals’ viewpoints by purchasing and holding Bitcoins. One of them is Scaramucci, who was known as a sceptical actor regarding investment in virtual currencies and now launching its own BTC fund. It is known that his mind changed after having a discussion with Michael Saylor, the CEO of MicroStrategy. On the other hand, Scaramucci also observed that payment giants like Square Inc. and PayPal, are also getting in the cryptosphere, and are among the reasons driving the price of the leading cryptocurrency. However, Scaramucci is known wholly aware that investing in the cryptosphere is not for the faint of heart.

The fund is expected to be volatile and could lose money

Scaramucci has considered the history of Bitcoin’s performance. Scaramucci mentioned how the price of Bitcoin crashed in its last bull cycle of 2017, last year in March the leading crypto token also faced a heavy crash. Indeed considering the facts, he concluded that Bitcoin could be a top blow-up bubble that could burst. Additionally, Scaramucci highlighted that the fund could possibly be volatile and lose money, like any other asset. Scaramucci concluded, by predicting that the price of Bitcoin should go up, as there is more demand than supply.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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