Anthony Scaramucci says institutions are ‘ready to pounce’ on bitcoin spot ETF
Episode 47 of season 4 of The Scoop was recorded remotely with Frank Chaparro of The Block and Anthony Scaramucci, founder of SkyBridge Capital and president of SALT.
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As Anthony Scaramucci explained during his last appearance on The Scoop, his company SkyBridge Capital began investing in bitcoin towards the end of 2020.
Just under two years later, Scaramucci is positioning himself near the center of the nascent crypto industry, thanks in large part to his role as chairman of financial conference SALT, which partnered with FTX to host the first annual conference Crypto Bahamian conference in April this year.
In this episode of The Scoop, Scaramucci recounts how he first met FTX’s Sam Bankman-Fried and explains why upcoming regulatory clarity could mean “opening the floodgates” for bitcoin.
Of the multiple structural tailwinds Scaramucci covers during the interview, he thinks his prediction that a “cash bitcoin ETF will happen later this year” would likely have the biggest impact on the market, if it turns out to be true.
As Scaramucci hinted during the show, “My buddies have some really big institutions, which unfortunately at the moment have to remain anonymous due to privacy, gearing up and ready to pounce on the Bitcoin Cash ETF. “
According to a Nasdaq Survey conducted in April, 72% of financial advisors surveyed indicated that they would be more likely to invest client assets in crypto if there was a spot ETF product available. Although the SEC has rejected or delayed applications for Bitcoin spot ETFs for years, Scaramucci believes that all could soon change, “given the saturation and maturity of the market.”
In addition to possible bitcoin spot ETF endorsement, Scaramucci also points to Fidelity endorsement recent announcement that this will allow customers to gain exposure to bitcoin through their 401k accounts as another structural tailwind for bitcoin in the long run.
As Scaramucci explains on the show, inflows from the $2.7 trillion in 401,000 assets controlled by Fidelity could have a deep and ongoing impact on the crypto market:
“Fidelity is poised to do for bitcoin what it did for mutual funds and the U.S. stock markets when 401k programs first emerged in the 1980s. The Great Depression was still alive in the 1980s, and Fidelity pushed that into people’s accounts, successful for them and successful for Fidelity. They’re about to do that to Bitcoin.
During this episode, Chaparro and Scaramucci also discuss:
- The Obsolescence of the American Financial System
- The “anti-fragility” of robust decentralized systems
- Redefining the 60/40 portfolio allocation to include a digital asset strategy
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