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Scaramucci Says Most Institutional Investors Remain Hesitant to Invest in Crypto: Report
The hedge fund manager also predicted that a large bank will seek to buy Coinbase or a similar crypto start-up.
Anthony Scaramucci, a former White House communications director and the hedge fund manager of SkyBridge Capital, said the majority of institutional investors are still reluctant to invest in crypto and blockchain technology.
- The founder of SkyBridge Capital told Bloomberg that crypto is dominated by around 10% of the financial-service community.
- “The institutions are not there … anybody who’s telling you there’s institutional adoption into this space is not being totally honest or they’re seeing something that I’m not seeing,” Scaramucci said.
- Scaramucci’s comments come as many mainstream banks and financial institutions have begun applying for and offering more crypto investments to their clients.
- The hedge fund manager also predicted that one of the big banks would eventually buy a Coinbase or a similar crypto start-up as decentralized finance continues to grow rapidly.
- In March, Scaramucci told CoinDesk TV more companies should be holding bitcoin on their balance sheet because the U.S. monetary supply was expanding so rapidly.
- Earlier this month, First Trust applied to the U.S. Securities and Exchange Commission to offer a crypto exchange-traded fund that would be managed by SkyBridge Capital.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
