GBTC - Former Trump Ally Anthony Scaramucci Foresees More Pension Funds Investing In Bitcoin: 'We Are Still Early' | Benzinga
Anthony Scaramucci, SkyBridge Capital founder and former ally of ex-President Donald Trump predicted that more pension funds will soon include Bitcoin (CRYPTO: BTC) in their investment portfolios.
What Happened: In an interview with CNBC, Scaramucci suggested that the State of Wisconsin’s decision to invest in Bitcoin for retirement benefits could lead to other pension funds following suit.
According to new U.S. Securities and Exchange Commission (SEC) filings, the State of Wisconsin Investment Board has invested approximately $163 million in BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) and Grayscale’s Bitcoin Trust (NYSE:GBTC).
Scaramucci believes that institutional adoption of Bitcoin is currently underway and that the recent regulatory approval for Bitcoin has removed a significant barrier for large-scale institutions.
“Bitcoin now has the regulatory approval. And I think that was the rate-limiting step for a lot of these large-scale institutions… A lot of smart institutions are saying, ‘Let me get long this thing.’ before it becomes part of a total tactical allocation index," he said.
Scaramucci also emphasized that Bitcoin is still in the early stages of adoption.
"Sometimes when you're early, you get a lot of bumps ...