As the flagship cryptocurrency has just broken past the $40,000 threshold, the Bitcoin (BTC) craze begins to amplify, and it looks like the Bull Run has just started. Institutional investment has always been considered the secret to mainstream acceptance, and the rally of the BTC is largely driven by the institutions this time. The feeling is further reassured by SkyBridge Finance, founder of the demand hedge fund, after releasing its Bitcoin fund just days earlier.
The hedge fund run by former White House Communications Director Anthony Scaramucci, according to new sources, conducted a Zoom call for prospective customers for its $310 million Bitcoin position. About 6,000 approved investors a year.
The fund will serve as a portal for high-stakes investors to access the Bitcoin market through SkyBridge, which the organization believes will take off this year. Fidelity serves as the custodian of the portfolio, and Ernst & Young audits the fund.
In return for a management fee of 0.75 percent, the Bitcoin Fund would give accredited US owners, all with annual incomes of at least $200,000, a safe and supervised way to access Bitcoin. The minimum $50,000 contribution, though, is mandatory.
The company retaliated against its views previously reported in its pitch to investors in the launch call, which is Bitcoin digital gold. It is better than gold to be gold.
The call quoted the quote made by investor Bill Miller back in November as its introduction:
“The Bitcoin story is very easy. It’s supply and demand. Bitcoin’s supply is growing at around 2.5% a year, and the demand is growing faster than that and there’s going to be a fixed number of them.”
Growing High The Bitcoin Buzz
Along with Scaramucci and Michael Saylor of MicroStrategy, Bill Miller are three significant figures advocating Bitcoin as the bull run continues at an unparalleled pace.
Through emphasizing the recent exponential market rise of Bitcoin, along with its core assets such as its fixed supply of 21 million, its growing demand within the institutional market, and particularly its open, decentralized blockchain ledger, SkyBridge plans to advise investors to buy into the hedge fund.
SkyBridge, along with names such as MassMutual and perhaps one of the significant BTC owners, MicroStrategy, is one of the numerous entities that have jumped onto the Bitcoin bandwagon. As previously stated by The Daily Chain, Morgan Stanley’s investment management arm recently raised its interest in Bitcoin-friendly Micro Strategy Inc. to 10.9 percent.