SkyBridge Capital's founder, Anthony Scaramucci, recently spoke on CNBC’s Squawk Box about the growing interest in Bitcoin among US pension funds. Scaramucci shared his optimistic outlook on Bitcoin's future, emphasizing, “Getting in early on Bitcoin pays off.”

Rising Institutional Bitcoin Adoption

Scaramucci highlighted that institutional investment in Bitcoin is gaining momentum. A key example is the Wisconsin State Investment Board's decision to invest around $100 million in Bitcoin. Scaramucci believes this move will likely inspire other pension funds to follow suit. With regulatory approval now in place, major financial institutions are ready to include Bitcoin in their investment strategies. This shift suggests that Bitcoin will become a staple in long-term investment portfolios for institutional investors.

Understanding Bitcoin is Crucial

Scaramucci underlined the importance of thoroughly understanding Bitcoin. He advised that investors should not only read Bitcoin’s whitepaper but also learn about the history and mechanics of money. According to Scaramucci, this knowledge will naturally lead to a greater appreciation of Bitcoin. He asserted that we are still in the early phases of Bitcoin adoption, acknowledging that early adopters may face challenges but also have the potential for substantial long-term rewards.

Bitcoin ETFs Draw Significant Investment

On May 16, Bitcoin exchange-traded funds (ETFs) saw a massive influx of nearly $256 million, amounting to 3,893 BTC across nine different ETFs. This influx has created a significant buzz in the cryptocurrency market. Meanwhile, the largest Bitcoin fund managed by Grayscale saw a withdrawal of 839 BTC, valued at $55,200, leaving it with a total of 288,498 BTC worth $18.86 billion. On the other hand, the Fidelity ETF saw an increase of over $130.79 million, adding 1,989 BTC, pushing its total Bitcoin assets to 155,745 BTC, valued at over $10.24 billion.

Bitcoin's price recently climbed above $66,000, showing a slight increase before dropping back to $65,540. This fluctuation reflects the volatile nature of the cryptocurrency market.

Conclusion

In conclusion, Anthony Scaramucci’s insights highlight the rapid institutional adoption of Bitcoin, particularly among US pension funds. His emphasis on understanding Bitcoin and acting early suggests that there are still significant opportunities for investors. With regulatory approval and growing interest from major financial institutions, Bitcoin is poised to become an integral part of long-term investment strategies.