Scaramucci’s SkyBridge BTC fund launches with $25 million investment

Just two days after filing a Form D exemption with the U.S. Securities and Exchange Commission, Anthony Scaramucci’s hedge fund, Skybridge Capital, has launched its proposed Bitcoin (BTC) fund.

In a Dec. 23 interview on the Yahoo Finance channel, Scaramucci claimed that the effective registration with the SEC had now been completed and the fund had been started with $25 million of SkyBridge’s own capital.

The fund will be opened to accredited investors on Jan. 4, with a minimum subscription of $50,000, although Scaramucci claimed that the company was already putting together a “nice book” of preliminary orders.

In the interview Scaramucci claimed that SkyBridge is trying to “democratize the hedge-fund industry,” and that “Bitcoin is still somewhat difficult to buy.”

He followed this by praising Grayscale, which offers a fund providing easy Bitcoin exposure for institutional investors and currently holds over half a million Bitcoin.

However, the SkyBridge fund will be cheaper, he explained, charging an annual fee of 0.75% against Grayscale’s 2%. It will also trade at the net asset value of Bitcoin rather than the 20-30% premium seen with Grayscale, Scaramucci claimed. The fund will rely on Fidelity Digital Assets for custody of the Bitcoin. 

Scaramucci pointed out Bitcoin’s attribute as a store of value, and drew a comparison between its current $440 billion market cap and gold’s $10 trillion, saying:

“So, we think there’s a very large move for Bitcoin over the next five to ten years.”


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Why Bitcoin Bull Market Shakeouts Are Healthy For Holders

At this point, no one can deny that Bitcoin has begun a new bull market. The 500% rally and new all-time high in 2020 is all the evidence that is needed. But that doesn’t mean that corrections won’t soon come, and according to VanEck’s digital asset director, Gabor Gurbacs even a +50% price drop will ultimately be extremely healthy for the first-ever cryptocurrency. Here’s why.

Bitcoin Bull Market Gains Momentum As Capital Pours In From Institutions

Bitcoin is more bullish now than it has been in past cycles, and while that’s surprising to even the most steadfast crypto supporters, no one could have predicted the perfect storm that 2020 has been for the emerging technology.

Bitcoin is on track to absorb all of the world’s capital and focused most of 2020 on stealing gold’s luster, preventing the precious metal from recapturing its peak set earlier in the year.

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Hedge funds, institutions, and the wealthy are looking to Bitcoin over gold to protect their wealth and store value for the coming fiat currency collapse.

Related Reading | Bitcoin Breaks Record For Longest Weekly Uptrend Ever, According To “Parabolic” Indicator

The asset’s market cap is now much larger than most of the companies that sell it, the companies that store it as part of their treasury reserves, and could absorb a sizable chunk of gold’s over $10 trillion market cap.

The new wave of high-wealthy investors has caused FOMO from financiers with deep pockets. The demand and mad dash away from the dying dollar has resulted in the cryptocurrency taking off much faster this time compared to the last cycle.

But even Bitcoin must correct at some point, and when it does, one of the cryptocurrency’s characteristic – as much as 50% or more – crashes could follow.

If and when this does happen, VanEck’s digital asset strategist and director, Gabor Gurbacs, believes that this it is ultimately a great thing for the cryptocurrency, and will make the next round of mark up even stronger.

According to Gurbacs, the 50% correction will shake out the weakest hands and replace them with the strongest hands the crypto industry has ever seen. And because Bitcoin is so overheated and ahead of the last bull cycle, such a drop is very possible.

bitcoin shakeout healthy

bitcoin shakeout healthy

A 50% correction would be in line with past bull markets considering Bitcoin is ahead of schedule | Source: BTCUSD on

Shakeout Will Move BTC From Weak Hands Into “Strongest Hands” Ever

Retail crypto investors often FOMO buy and then panic sell multiple times per year. While institutions often take positions for the long-term, lasting as long as five, ten, or twenty years and beyond.

Drawdowns don’t cause panic in smart money, which in a worst-case scenario would result in a sizable loss for their speculative bet in BTC. Because they’re well-diversified, and allocate only a portion of their massive capital, there’s little reason to bat an eye even in a total loss scenario.

Related Reading | Gold Naysayer Turns To Bitcoin: Overpriced, Model Says Max Value $74K BTC

This also makes their buy-in price irregardless at current levels given their position sizes and targets five to ten years out, when Bitcoin could be worth millions per coin.

The need for low prices is negligible for investors of this size, but even they are calculated risk-takers and are more likely to enter when the cryptocurrency finally corrects.

This could lead to any crashes being bought up extremely fast by hands that will be less likely to sell in the near term future, which means the next impulse will be stronger for it.

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Senator-Elect Lummis Appoints ‘Crypto Cowboy’ Lindholm as Policy Director for Wyoming

Wyoming Has a Bill to Exempt Blockchain Tokens from Securities and Money Transmission Laws

Wyoming Has a Bill to Exempt Blockchain Tokens from Securities and Money Transmission LawsThe newly-elected crypto-loving Senator Cynthia Lummis has announced that she will be having Tyler Lindholm, also known as the ‘Crypto Cowboy,’ as the Policy Director for the State of Wyoming. State Rep. Tyler Lindholm is a former representative from Sundance and was a Co-Chair of the Wyoming Blockchain Task Force back in 2018 and 2019.

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Spotify’s New Job Listing is Looking for Associate Director to Help with Internal Crypto Efforts

a mobile with spotify and earphones

a mobile with spotify and earphonesSpotify is mulling joining the cryptocurrency bandwagon. Spotify Contemplating Adding Support for Crypto Payments According to a report by The Block published on December 3, audio streaming giant Spotify is looking into hiring an associate director to lead a payments strategy team involved in its cryptocurrency and digital asset efforts. The posting for the same

Read MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News


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US Director of National Intelligence Urges SEC to Support Bitcoin and Crypto Companies: Report

John Ratcliffe, the US Director of National Intelligence, has reportedly penned a letter to the Securities and Exchange Commission (SEC) expressing concern about China’s control over Bitcoin and crypto. The Washington Examiner reports that Ratcliffe wrote SEC Chairman Jay Clayton this month with concerns about China’s dominance over the world’s cryptocurrency mining sector, as well […]

The post US Director of National Intelligence Urges SEC to Support Bitcoin and Crypto Companies: Report appeared first on The Daily Hodl.


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