SkyBridge Capital founder Anthony Scaramucci is predicting that more pension funds will add Bitcoin (BTC) to their investment portfolios.
In a new interview on CNBC Squawk Box, the hedge fund veteran says other pension funds are likely to follow the State of Wisconsin’s decision to invest in Bitcoin to help pay for retirement benefits.
New U.S. Securities and Exchange Commission (SEC) filings showed this week that The State of Wisconsin Investment Board, a state agency managing investments for public retirement and trust funds, has about $163 million invested in BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).
“I think the institutional adoption is happening now. The State of Wisconsin announced. We expect other pension funds to announce. And of course, Bitcoin now has the regulatory approval. And I think that was the rate limiting step for a lot of these large-scale institutions…
A lot of smart institutions are saying, ‘Let me get long this thing.'”
Scaramucci believes that Bitcoin remains in the early stages of adoption.
“Sometimes when you’re early, you get a lot of bumps and scrapes. But I think it pays to be early in Bitcoin and I think we’re still early in Bitcoin.”
Bitcoin is trading for $67,142 at time of writing, up 2.5% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: Midjourney