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The ex-White House communications director sees a big move for BTC in the next 5 to 10 years.
Just two days after filing a Form D exemption with the U.S. Securities and Exchange Commission, Anthony Scaramucciâs hedge fund, Skybridge Capital, has launched its proposed Bitcoin (BTC) fund.
In a Dec. 23 interview on the Yahoo Finance channel, Scaramucci claimed that the effective registration with the SEC had now been completed and the fund had been started with $25 million of SkyBridgeâs own capital.
The fund will be opened to accredited investors on Jan. 4, with a minimum subscription of $50,000, although Scaramucci claimed that the company was already putting together a ânice bookâ of preliminary orders.
In the interview Scaramucci claimed that SkyBridge is trying to âdemocratize the hedge-fund industry,â and that âBitcoin is still somewhat difficult to buy.â
He followed this by praising Grayscale, which offers a fund providing easy Bitcoin exposure for institutional investors and currently holds over half a million Bitcoin.
However, the SkyBridge fund will be cheaper, he explained, charging an annual fee of 0.75% against Grayscaleâs 2%. It will also trade at the net asset value of Bitcoin rather than the 20-30% premium seen with Grayscale, Scaramucci claimed. The fund will rely on Fidelity Digital Assets for custody of the Bitcoin.Â
Scaramucci pointed out Bitcoinâs attribute as a store of value, and drew a comparison between its current $440 billion market cap and goldâs $10 trillion, saying:
âSo, we think there's a very large move for Bitcoin over the next five to ten years.â
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