Anthony Scaramucci, former White House Director of Communications and founder of the $9 billion fund SkyBridge Capital, has announced that he will be launching a Bitcoin-based fund.

According to Scaramucci, the fund will target wealthy investors and give them the opportunity to gain Bitcoin exposure with a low fee product offering.

A major differentiator between the SkyBridge fund and other funds such as Grayscale’s Bitcoin fund is the minimized fees. SkyBridge will charge customers a 0.75% fee to Grayscale’s 2% annual fee, a 60%+ discount.

SkyBridge recently filed its Form D notice with the Securities and Exchange Commission (SEC) to form its new SkyBridge Bitcoin Fund L.P.

The firm seeded the fund with a $25 million capital injection and will open it up for private investment at the beginning of January 2021. The minimum investment for the new fund will be $50,000.

Boom!

Skybridge Capital is doubling down on Bitcoin.

They just registered the Skybridge Bitcoin Fund with the SEC, one month after allowing two of their other funds to invest in Bitcoin. pic.twitter.com/MmFMnbVot5

Scaramucci sees Bitcoin as a digital store and transfer of value and a parallel investment to physical gold. Scaramucci explains:

“We think there’s a very large move for Bitcoin over the next five to ten years. We think it’s a product that people will have in their portfolios, and we wanted to get out there with something that could be available to RIAs, the mass affluent, and people who have an interest in owning some digital assets.”

Bitcoin has seen massive price growth this year. And some of the increased interest is likely due to wealthy and institutional investors. One example is MicroStrategy’s CEO Michael Saylor, who personally bought hundreds of millions worth of BTC.

He also purchased over $1 billion in BTC for MicroStrategy’s reserve treasury. Another high profile name, Shaan Puri, the Director of the streaming platform Twitch, boldly claimed that he had moved 25% of his wealth into the alpha coin.

Although onlookers don’t know how much that 25% stake bought, estimates suggest it wasn’t a small amount of money. It appears that many wealthy institutional investors view Bitcoin as a viable hedge against inflation.

With Bitcoin’s pre-determined minting schedule and capped circulation of 21 million coins, some even believe the digital asset is a safer hedge against inflation than gold.

Will other market participants follow this institutional lead and delegate a small portion of their portfolio to Bitcoin?

The post Former White House Director of Communications Launches Bitcoin Fund appeared first on BeInCrypto.

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