Now Skybridge Capital has launched a fund called Skybridge Bitcoin Fund, where its customers can invest in digital assets.
A multi-billion dollar hedge fund managed by former Donald Trump’s communications director Anthony Scaramucci has invested $25 million in Bitcoin. Wall Street hedge fund SkyBridge Capital offers a way for wealthy and registered investment advisors (RIAs) to invest in the hedge asset class.
The fund has bought $25 million in Bitcoin showing how the financial heart of the world is changing direction. The purchase reinforces the dominant trend of 2020: institutional investors such as family offices and funds, discovering Bitcoin as an alternative investment.
Now Skybridge Capital has launched a fund called the Skybridge Bitcoin Fund, where its clients can invest in digital assets. The company’s founder made the announcement during an interview with CNBC. He said he is optimistic about the digital currency and believes institutional investors will enter the mass market.
The news is not a total surprise, as a request to the Securities and Exchange Commission (SEC) was announced earlier this week.
SkyBridge founder told CNBC that Bitcoin is still „in the first shifts of its power“. He suggested that he would have preferred to start the investment fund in Bitcoin four months ago, but in his opinion it is not too late.
„You have to accept that Bitcoin is a reserve of value or not. We believe it is. Given the current monetary system and the control of central banks, we see Bitcoin as a strong asset for the next decade“.
Investment funds are usually for the long term and that won’t be different for SkyBridge. Whoever decides to invest in digital currency through the company will not be able to sell the position for at least three weeks after an order, to avoid panic sales.
Those interested in investing in Bitcoin through SkyBridge will have to disburse at least $50,000. This means that the Bitcoin fund created by the company is exclusive to accredited investors.
The U.S. Securities and Exchange Commission, the SEC, defines these investors as persons with an annual income of $200,000 or institution with $5 million in assets.
The company said it wants to „democratize“ the investment in Bitcoin for the „rich“ with an affordable product.
SkyBridge’s founder also said Bitcoin will be a „powerful asset class“ in the next decade, given the money supply and current central bank coordination.
Wall Street has dominated the purchase of Bitcoin in recent months due to the growing need for a hedge and relative stagnation in the price of gold relative to other asset classes.
Many wealthy people want to invest in Bitcoin but prefer to do so with SEC regulated investment funds. Now it will be possible.