Former White House Director of Communications Anthony Scaramucci\u2019s global alternative investment firm SkyBridge Capital has launched the SkyBridge Bitcoin Fund. Scaramucci recently shared his thoughts about Bitcoin and his Bitcoin fund.<\/p>\n
SkyBridge, which was founded in 2005 by Scaramucci, is \u201ca global alternative investments firm specializing in multi-strategy commingled fund of hedge funds products, custom separate account portfolios and hedge fund advisory solutions to address the needs of a wide range of market participants ranging from individual accredited investors to large institutions.\u201d<\/p>\n
According to SkyBridge\u2019s press release, its Bitcoin fund \u201cprovides mass-affluent investors with an institutional-grade vehicle to gain exposure to Bitcoin.\u201d <\/p>\n
It went on to say:<\/p>\n
\u201cAdditionally, on behalf of its flagship funds, SkyBridge initiated a position, valued at approximately $310 million at the time of this release, in funds investing in Bitcoin during November and December 2020.<\/em>\u201c<\/p>\n SkyBridge says that Fidelity provide crypto custody services for the fund, and that Ernst & Young will be doing the auditing.<\/p>\n Scaramucci had this to say:<\/p>\n \u201cWe believe Bitcoin is in its early innings as an exciting new asset class. With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.<\/em>\u201c<\/p>\n Brett Messing, SkyBridge President and Chief Operating Officer, stated:<\/p>\n \u201cBitcoin is leading a digital monetary revolution around the world. We believe the onus has shifted from \u2018why are you investing in Bitcoin?\u2019 to \u2018how are you not investing in Bitcoin?\u2019<\/em>\u201c<\/p>\n And finally, Troy Gayeski, SkyBridge\u2019s Co-Chief Investment Officer and Senior Portfolio Manager, added:<\/p>\n \u201cOur investment team has grown enthusiastic about Bitcoin\u2019s properties as a portfolio diversifier and return generator. Investors trust us to see around corners, and we believe it\u2019s prudent now to allocate a small portion of your portfolio to digital assets.<\/em>\u201c<\/p>\n The SkyBridge Bitcoin Fund LP \u201cwill charge a 75-basis point management fee and no incentive fee.\u201d There is a three-month lock-up period. It is only available to accredited investors, and requires a minimum investment of $50,000. <\/p>\n On 29 December 2020, Scaramucci gave an interview to Peter McCormack for an episode of the \u201cWhat Bitcoin Did\u201d podcast, which was released on Monday (December 4).<\/p>\n Below are a few highlights from his interview with McCormack.<\/p>\n On SkyBridge Capital<\/strong><\/p>\n \u201cBasically, we are a hedge fund manager for the mass affluent. So our idea in the beginning was to democratize the hedge fund space, so if you were a high net worth individual, you had 50 or 100 thousand dollars that you wanted to invest in a hedge fund, you could come to SkyBridge, and SkyBridge would give you the best and brightest portfolio.<\/em>\u201c<\/p>\n On Bitcoin<\/strong><\/p>\n \u201cI like the scarcity feature: no one knows who invented it. That was a smart by the inventors of it ,but they\u2019ve only got 21 million coins out there, and so that scarcity provides people with this anti-dilutive quality, and it\u2019s also, as you know, about human minds \u2014 when something is scarce, people want it.<\/em>..\u201d<\/p>\n \u201cIt could glide to $280,000 a coin, have a $5 trillion dollar market value, and still only be half of all of the gold that\u2019s been mined in our global society, and I and I think it\u2019s got a long way to go here\u2026<\/em>\u201c<\/p>\n \u201cYou have this historic opportunity now to get in before the institutions do. Institutions are coming. Could this be a $100,000 per coin at the end of 12-31 2021? I believe it could be\u2026.<\/em>\u201c<\/p>\n On SkyBridge Bitcoin Fund<\/strong><\/p>\n