Skybridge Capital co-founder Anthony Scaramucci believes that institutional adoption of Bitcoin is still in its early stages, with more pension funds expected to reveal allocations to the asset soon. He stated during an interview with CNBC that regulatory approval was the key factor preventing large-scale institutions from investing in Bitcoin, and those who are not already long Bitcoin may be shorting the asset. Nearly 1000 large investors with over $100 million in assets disclosed owning U.S. Bitcoin spot ETFs leading up to May 15, including the State of Wisconsin Investment Board (SWIB) with a $162 million allocation to the ETFs. According to Scaramucci, institutions are starting to dip their toes into Bitcoin before it becomes a part of their total tactical asset allocation index.
Bitwise CIO Matt Hougan also supported this view by predicting that institutions could allocate between 1% and 5% of their portfolios to Bitcoin as they cautiously expose client funds to the asset. When questioned about why Bitcoin is attracting such widespread adoption, Scaramucci categorized it as “digital gold,” appealing to investors who view it primarily as a store of value rather than a medium of exchange. MicroStrategy executive chairman Michael Saylor shares this perspective, describing Bitcoin’s use case as a currency as a distraction. Scaramucci emphasized the importance of being early in Bitcoin, stating that despite potential challenges, it pays off to enter the market at an early stage.
In an analysis earlier in the year, Scaramucci predicted that Bitcoin could potentially reach $170,000 per coin by the end of 2025. He believes that Bitcoin still has significant room for growth and that the current institutional adoption is just the beginning of a larger trend towards integrating the asset into investment portfolios. Scaramucci’s optimistic outlook is supported by the increasing interest from institutional investors, with many already revealing their holdings in Bitcoin ETFs. This growing interest from established financial institutions indicates a shift in perception towards Bitcoin as a viable long-term investment option.
With institutional adoption of Bitcoin gaining momentum, Scaramucci envisions a future where Bitcoin becomes a common component of portfolios and a key part of overall asset allocation strategies. He sees Bitcoin as a valuable asset class with the potential to provide diversification benefits and hedge against traditional market risks. As more institutions embrace Bitcoin, the asset’s legitimacy and acceptance are likely to grow, paving the way for further mainstream adoption and integration into traditional financial systems. Scaramucci remains bullish on Bitcoin’s long-term prospects and sees the current wave of institutional investment as a sign of broader acceptance and recognition of the asset’s value.
