SkyBridge Capital Invested $182 Million in Bitcoin, Says It’s ‘Digital Gold’

SkyBridge Capital, the investment firm run by Anthony Scaramucci, has reportedly already invested $182 million in bitcoin and said in an investor brochure the flagship cryptocurrency is “digital gold.”

According to CoinDesk, the firm has a total of $9.3 billion in assets under management and is launching a bitcoin fund, the SkyBridge Bitcoin Fund LP, in January of next year. In the investor brochure, it revealed it has already invested in BTC. The document reads:

[SkyBridge] has invested $182 million in bitcoin on behalf of its investment funds.

SkyBridge’s bitcoin fund is set to be available only to accredited investors, and will require a minimum investment of $50,000. The fund has reportedly already invested $25 million in bitcoin, and will be open as of Jan. 4.

The brochure touted bitcoin as “digital gold,” and even added it “is better at being gold than gold.” It described BTC as an emerging asset class that has been becoming less risky over time, and has attractive supply-and-demand dynamics.

SkyBridge describes increasing retail and institutional adoption, coupled with low interest rates and “unprecedented money printing,” as factors contributing to premiums being placed on scarce assets like “gold, real estate, art and bitcoin.”

The brochure also pointed to increasing adoption from Wall Street and features quotes from executives at firms like BlackRock, Citibank, and JPMorgan. SkyBridge partnered with Fidelity Digital Assets and Silvergate for the storage of its BTC.

Scaramucci himself is a former Vice President at Goldman Sachs and is popular for briefly being Donald Trump’s White House Communications Director. His investment firm is buying BTC after several other corporations adopted the cryptocurrency. MicroStrategy, MassMutual and Square, for example, bought millions worth of BTC this year.

Earlier this month Scaramucci commented on the timing of the firm’s bitcoin investment, saying he believes it isn’t late but is instead in “the first inning.” He added:

You’re about to see that wave of early adoption by the institutional community. I’d like to get our investors involved before that goes into full throttle

Featured image via Pixabay.

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