Scaramucci: Bitcoin Is The Apex Predator, But Ethereum Will Be The Actual Store Of Value
Anthony Scaramucci, known Bitcoin proponent heading global investment firm SkyBridge Capital, believes that the future of the digital asset in investment portfolios is inevitable. What Happened: In a recent interview with CNBC, Scaramucci called it “the apex predator in the space. I tell my clients whether you like it or not, the world is moving into digitization.” SkyBridge Capital’s Bitcoin Fund LP holds over $600 million worth of Bitcoin at present, and two weeks ago, the firm applied for the SEC approval of a Bitcoin ETF. However, by Scaramucci’s own admission, SkyBridge’s focus on Bitcoin may have more to do with its clients’ preferences rather than his own. “I predicted Ethereum has good fundamentals and will grow, but I’m in an institutionalist sort of business. I think like an institutionalist, and I’ve got to get my clients thinking about cryptocurrency and digital assets. So, as a first step, I’m focused on Bitcoin and we only have now a Bitcoin fund,” he said. Why It Matters: In recent months, Ethereum has risen in popularity, and price, after its use cases extended beyond DeFi (decentralized finance) into the realm of NFTs (non-fungible tokens). The second-largest cryptocurrency by market cap has garnered support from high-profile investors, including Mark Cuban, who recently revealed his bullish stance on Ethereum, calling it a “hotbed of continuous innovation”. Scaramucci appeared to share this belief too, as he went on to state, “The technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something people will transact with.” What Else: While he wouldn’t recommend a 20% portfolio allocation towards cryptocurrency just yet, Scaramucci thinks that an allocation between one and three percent would be ideal for investors. “When you think about our children… they’re going to be very comfortable transacting in Ethereum or Bitcoin, and I’ve got to get my clients ready for that,” he said. “If they have a 1, 2, or 3% position they’re going to look at us as fiduciaries and think they were very well served.” See more from BenzingaClick here for options trades from BenzingaCoinbase Employees Exchange NFT Wedding Rings On Ethereum Blockchain During CeremonyAnalysts Suggest ‘Silent Crash’ May Be Underway As NFT Prices Floors Plummet© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.