SkyBridge launches Bitcoin fund with $310 million
According to a CNN Business report on January 4, SkyBridge Capital has launched its Bitcoin fund with $310 million under its management.
The firm had earlier submitted an application with the U.S. Securities and Exchange Commission in late December. It was reported two days later that the proposed SkyBridge Bitcoin Fund L.P. kicked off operations with $25 million of its own capital.
Judging from the new information, it appears the SkyBridge has been able to attract some external funding in just two weeks. Meanwhile, in an interview with CNN, Anthony Scaramucci, the firm’s CEO touted Bitcoin’s scarcity. He said:
This is digital gold and it is easier to transfer. We love the scarcity of bitcoin.
He admitted that along with other prominent investors, he was a bitcoin skeptic. However, the likes of hedge fund legend Paul Tudor helped him change his perspective.
The more likely trajectory is that people can make a monumental amount of money. Bitcoin is unfettered by Federal Reserve policy or gold supply issues. There is more demand for bitcoin now than supply. The price should go up.
As per his Bitcoin fund, only individuals who qualify as accredited investors can invest in the Skybridge Bitcoin Fund. The minimum investment has also been pegged at $50,000.
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