Sovereign Wealth Funds are increasingly investing in Bitcoin, yet substantial investments will not occur until the U.S. implements more definitive rules governing the digital asset sector, according to Anthony Scaramucci, the founder of SkyBridge.
“I believe they are starting to buy into it, at least partially,” said Scaramucci, who served as the White House Director of Communications under U.S. President Donald Trump during his first term.
said
On Anthony Pompliano’s podcast on May 8.
Laws will result in “significant chunks of purchasing.”
“I don’t believe there will be a massive surge in purchasing until we get legislative approval in the United States,” he further stated. Earlier, in an interview with the Financial Times in February, Scaramucci had mentioned his expectation for the U.S. government to introduce cryptocurrency regulations.
legislation in November
.
SWFs are government-owned
investment funds that oversee national savings
, typically sourced from extra earnings such as those from oil sales or increased trade revenue. Norway boasts the biggest SWF globally, managing around $1.73 trillion in assets, trailed closely by China with about $1.33 trillion.
according
According to information from Visual Capitalist.
Bitcoin’s (
BTC
Its market capitalization is roughly $2.05 trillion.
according
to CoinMarketCap.
Scaramucci stated that should stablecoin regulations be enacted, they would offer explicit guidelines for conventional banks regarding the holding of Bitcoin and various digital assets. Additionally, advancements in the tokenization of stocks and bonds could lead to substantial purchases by Sovereign Wealth Funds.
Scaramucci stated that he would inform them about substantial purchasing blocs, with individuals holding assets valued at 10, 20, or even 30 trillion dollars, acquiring half a billion or one billion dollars’ worth of Bitcoin.
Related:
Institutional investors keep purchasing Bitcoin as prices remain over $100K.
“But if you want to witness a Bitcoin valued at a million dollars, that happens when someone from a government body states that this is now integrated into the global financial services framework,” he explained.
CEO of ARK Investment Management, Cathie Wood, lately
indicated that the likelihood of Bitcoin
The likelihood of reaching a seven-figure price tag by 2030 has gone up.
“We believe the chances have increased that our optimistic scenario might turn out to be accurate due to the growing acceptance of this emerging asset class,” Woods stated in February.
Magazine:
Adam Back states that the ‘Bitcoin price cycle’ is 10 times larger, yet it will definitely surpass the $100K mark.
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