Anthony Scaramucci: Bitcoin (BTC) and other cryptocurrencies are not attractive to institutions
Anthony Scaramucci, CEO of investment firm Skybridge Capital, believes that contrary to popular belief, institutional investors are not interested in the cryptocurrency market, and the recent Bitcoin rally was triggered by the efforts of retail investors alone.
Institutional investors are not keen on crypto
According to Bitcoin.com, Scaramucci believes that most large financial institutions are still not involved in digital asset transactions and only about 10% of them are actively investing in the cryptosphere. The head of Skybridge Capital also shared his conviction that the market still has a long way to go before institutional acceptance of cryptocurrencies. However, even the small percentage of them, who have already become part of this relatively new financial trend, enjoy a certain degree of influence.
“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.
If you take the head of Skybridge Capital’s point of view, it’s a foregone conclusion that the last bull run of the first cryptocurrency was the result of the efforts of a multitude of retail investors. And in case institutional players get interested in this field, BTC will see a new all-time high, significantly higher than the previous one. However, for this process to be triggered, it is important that the SEC finally gives the go-ahead to launch investment vehicles such as ETFs.
DeFi will make the difference
Scaramucci also believes that the decentralised finance (DeFi) sector has been the main driver of the latest bull run. The entrepreneur thinks that, in the long term, this space could attract the attention of a larger proportion of institutional players.
In any case, there is interest in cryptocurrencies from large financial institutions, and it’s pointless to deny that. The most prominent examples are initiatives by Goldman Sachs, JPMorgan, and Fidelity, which have already started offering crypto products to their clients.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.