Wall Street Fund Shows Interest Into Investing In Bitcoin

A Wall Street fund is showing interest in investing in Bitcoin while the benchmark cryptocurrency is up by 60% in the past month alone. The performance over the past 30 days made it the best-performing macro asset on the market so let’s read more in our latest bitcoin news.

It’s no surprise that this performance is making investors join. While the retail interest in the crypto space is picking up still, BTC has not yet passed its $20,000 all-time high while Wall Street investors are signaling their support for BTC. Recently, a Wall Street fund worth billions of dollars, revealed that it could invest in Bitcoin in the upcoming time.

On Friday, Skybridge Capital filed an amendment with the SEC, allowing their $3.6 billion fund to start investing in Bitcoin.

Keep an eye on @Scaramucci 👀 pic.twitter.com/l6fmLosSWk

— Kevin Rooke (@kerooke) November 16, 2020

If you’ve heard about Anthony Scaramucci in the past few years, he was a Trump Administration White House official who turned his back on the president days after he was appointed to Communications Director. Despite this, he is a prominent investor and entrepreneur. He started his career at Goldman Sachs and made his way up to the bank’s private Wealth Management division as its vice president. When he left the company, Scaramucci launched Skybridge Capital which is an alternative investment fund that gained millions in investments.

Tech analyst Kevin Rooke revealed that Skybridge filed an amendment to the investment mandate which allows their “$3.6 billion funds to start investing in BTC.” The amendment said that the fund could hold “long and short positions in digital assets” which will be acquired via exchanges that are “unregulated and often located outside of the US.”

Bitcoin was mentioned in this amendment but the firm outlined that it will start investing in other crypto assets if it sees a good enough opportunity. This doesn’t come as a surprise since Scaramucci was a loud BTC bull in the past few months. He appeared on many crypto-themed podcasts like the podcast hosted by Anthony Pompliano. He said that Bitcoin will become increasingly viable because of the fact that younger people like crypto while the US dollar and the traditional structures will be debased.
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The move came as the backdrop to adopt BTC and it improved dramatically especially for Wall Street investors. Jesse Proudman, the CEO of Strix Leviathan said:

 “In this challenging global macro landscape, Bitcoin has grown as a compelling investment for institutional investment managers. It’s momentum through the back half of 2020, largely ignored by the mainstream media and in retail circles, has been identified by firms willing to take on the risk of an asset class that has outperformed all others this year. Skybridge’s indicative interest is the latest in a drumbeat of similar news and demonstrates that the early movers will reap the largest benefit from this trend.”