SkyBridge Capital, the hedge fund founded by Anthony Scaramucci with over $7 billion in AUM, has doubled down on its support of Bitcoin. The organization’s Co-Chief Investment Officer, Troy Gayeski, said they believe in gold’s future but are more keen to invest in what many consider its digital alternative.
Gold is Good, Bitcoin is Better
During a recent interview with Bloomberg, Gayeski, who is also a senior portfolio manager at the Wall Street giant, outlined the institution’s belief in the primary cryptocurrency while criticizing the Federal Reserve’s actions ever since the COVID-19 pandemic broke out.
With the global debt balloon getting out of hand and the Fed moving to “taper asset purchases,” investors are looking to hedge their positions. Gayeski sees two valid options with gold – traditionally regarded as the most prominent safe haven tool, and Bitcoin – an alternative that just recently grasped investors outside of the cryptocurrency space.
Although history shows that the precious metal has performed well in similar situations, SkyBridge plans to stick with the largest digital asset:
“We are going to stick to Bitcoin and crypto because we just think there’s more upside.” He acknowledged the volatility in the younger market but added, “you are going to capture a little bit more juice than you will in gold from that same phenomenon.”
Nevertheless, SkyBridge is also optimistic about gold’s future in terms of price against the dollar. Gayeski predicted, “going forward, the probability of gold continuing an uptrend is fairly high, making new highs over the next year.”
SkyBridge’s History With Bitcoin
Ever since the end of 2020, when BTC’s price was gaining significant traction, the Wall Street institution has frequently been praising the asset. The founder, Anthony Scaramucci, has used every opportunity to commend the cryptocurrency.
Those include predicting a price tag of $100,000 by the end of the year, outlining that it’s a safe investment as bonds, and, just like Gayeski, indicating it’s better than gold.
The organization also launched a Bitcoin Fund in early 2021 with an initial investment of $25 million. Scaramucci has repeatedly said how well the fund is performing, with institutional demand coming from all directions.