Fun

Skybridge Capital’s Scaramucci on Crypto Boom: ‘The Institutions Are Not There’

News Feed - 2021-09-28 05:09:54

Skybridge Capital"s Scaramucci on Crypto Boom: "The Institutions Are Not There"


Anthony Scaramucci, CEO of Skybridge Capital, a multi-asset class investment firm, says he thinks the institutional investment boom in cryptocurrencies has been greatly exaggerated. In an interview given to Bloomberg last week, Scaramucci stated that most institutions are still not interested in cryptocurrency as an investment and that only 10% are actively investing in crypto. Anthony Scaramucci Thinks Institutions Are Still Not Big on Crypto


Anthony Scaramucci, CEO of Skybridge Capital, thinks there is still a long way until bitcoin and cryptocurrencies are embraced by institutional investors. In an interview offered to Bloomberg, Scaramucci stated that, according to his experience, only 10% of the institutional world is actively investing in cryptocurrency. While this may be a minority, according to Scaramucci, it’s a minority that has some impact. The Skybridge Capital founder says the situation feels like a “feeding frenzy.”


The investor stated:


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.


This line of thinking holds that the whole cryptocurrency bull market has been pushed mostly by retail investors and that when institutions really do enter the crypto space, they will give it a massive boost. However, instruments like ETFs will play a major role in achieving this goal. Defi and the Future of Institutional Investment


Decentralized finance has been one of the big topics that have driven the cryptocurrency market this year. The ability to transact and access financial services without a middleman is a key feature of the sector. Scaramucci thinks this might attract more institutions into the space in the long run.


But this being as it may, institutions still have reasons to be wary of investing in cryptocurrencies. Some maintain there is no clear regulation in the sector, something that has been criticized by many actors that are currently facing lawsuits in crypto-related cases, like Ripple. This month, Coinbase, one of the leading U.S.-based cryptocurrency exchanges, was stopped in its tracks by the SEC when it intended to launch a crypto-based lending product. The latest Chinese crypto ban also affects the perception that investors have of these instruments.


In any case, there has been an increase in attention to cryptocurrency from big institutional firms like Goldman Sachs, JPMorgan, and Fidelity, among others, that have started offering crypto services to their customers.


What do you think about Anthony Scaramucci’s opinion of institutional investment in cryptocurrency? Tell us in the comments section below. JPMorgan Boss Jamie Dimon: "If You Borrow Money to Buy Bitcoin, You’re a Fool" NEWS | 2 hours ago "Who Holds All the Bitcoin" List Debunked — Without Cryptographic Proof No BTC Ownership Claim Holds Water NEWS | 12 hours ago Tags in this story Anthony Scaramucci, Cryptocurrency, DeFi, institutional investment, Skybridge Capital


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Chainlink Price Could Crash 30% To $15 — Here’s How
Este artículo también está disponible en español. The Chainlink price has been under intense bearish pressure over the past week, mirroring the current state of the gener
Gold Exceeds U.S. Dollars in Russia’s Reserves as Putin Focuses on De-Dollarization
Gold Exceeds U.S. Dollars in Russia"s Reserves as Putin Focuses on De-Dollarization Russia is now holding more gold than U.S. dollars in its reserves for the fir
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High Polkadot remained close to its highest level since September, as bullish sentiment rose to start the week
Ana Paula Pereira7 hours agoEU blockchain sandbox unveils first 20 use cases after wave of applicationsAccording to the European Commission, 20 projects have been selected in the first cohort to receive legal advice and
China Blockchain Alliance Executives: Virtual Currency the ‘Largest Ponzi Scheme in Human History’
China Blockchain Alliance Executives: Virtual Currency the "Largest Ponzi Scheme in Human History" The chairman of China’s Blockchain Service Network (BSN) Development Allia
Fidelity’s Crypto Branch to Increase Staff by 70%, President Sees ‘More Interest in Ether’
Fidelity"s Crypto Branch to Increase Staff by 70%, President Sees "More Interest in Ether" According to Tom Jessop, president of Fidelity Digital Assets, the com
Axie Infinity’s Monthly Player Count Drops to Low Not Seen Since November 2020
Axie Infinity"s Monthly Player Count Drops to Low Not Seen Since November 2020 After recording $4.26 billion in total non-fungible token (NFT) sales, the play-to-earn game Axie Inf
EU AI Act comes into effect — Here’s what to expect
Savannah Fortis11 hours agoEU AI Act comes into effect — Here’s what to expectThe European Union’s AI Act takes effect on Aug. 1. It introduces significant regulations for artificial intelligence through phased imp
Marcel Pechman6 hours agoDo Bitcoin halvings spark BTC price rallies, or is it US Treasurys?An intriguing chart shows a close relationship between U.S. 10-year Treasurys and Bitcoin halving price rallies.4433 Total views
Spellfire Creates 100 Rare NFT Cards to Sell on OpenSea
Spellfire Creates 100 Rare NFT Cards to Sell on OpenSea sponsored The first limited edition of Spellfire NFT cards has already reached the shelves of OpenSea. Spellfire NFTs have a
Liza Savenko32 minutes agoHow to buy Bitcoin with Cash appA step-by-step guide to buying Bitcoin on Cash App, including guidance on fees, the auto invest feature and security tips to empower your cryptocurrency investmen
Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week
Binance Enters Popular Venezuelan Dollar Indexes as Currency Plunges 10% in One Week Binance, the leading P2P exchange in Venezuela, is now present in several po