Sovereign Wealth Funds Accumulating Billions in Bitcoin, Claims Scaramucci
Bitcoin surpassed the $100,000 mark for the second time in its history, last reached in February. SkyBridge Capital founder Anthony Scaramucci indicated that sovereign wealth funds are beginning to accumulate Bitcoin and expect a significant increase in purchases once U.S. regulations are clarified.
Sovereign Accumulation of Bitcoin
- Scaramucci noted that foreign officials are discreetly adding Bitcoin ahead of U.S. stablecoin legislation and other regulatory guidance.
- He stated that substantial capital inflows will follow regulatory approval, estimating purchases could reach hundreds of millions or billions of dollars from sovereign entities.
- Current allocations are seen as protective measures against global economic instability and erratic policy changes.
He suggested that official portfolios might target 1%-3% allocations to Bitcoin, potentially raising its market capitalization towards gold's $20-30 trillion value.
Bitcoin's Resilience
- Despite recent declines in global equity markets (5%-8%), Bitcoin has maintained its position since the start of the year, reinforcing its "digital gold" narrative.
- SkyBridge’s flagship fund, which began investing in Bitcoin at around $20,000, achieved a 43% return in 2024, outperforming benchmarks significantly due to Bitcoin holdings.
- Generational shifts in investment perspectives show younger asset managers considering Bitcoin as a long-term store of value.
Widespread institutional adoption is contingent on the U.S. providing clear regulatory frameworks; without this, purchases will remain gradual but could still amount to billions from large institutions. At press time, Bitcoin was trading at $103,077.
