The founder of SkyBridge Capital noted the interest of organizations in bitcoin spot exchange-traded funds and suggested that this type of financial product will be launched this year.
Anthony Scaramucci on The Scoop Podcast declaredthat institutional investors are now at a low start in anticipation of the launch of the first bitcoin spot exchange-traded funds. The businessman added that his company, unlike many large investors, saw the potential of cryptocurrencies back in 2020 and began investing in bitcoins. Now many organizations are waiting for the appearance of spot bitcoin ETFs, which, according to Scaramucci, will be launched this year.
The founder of SkyBridge believes that the emergence of a new cryptocurrency instrument will have a significant impact on the digital asset market. Regulatory clarity could mean “opening the floodgates for bitcoin,” he said.
“My buddies have very large organizations, which, unfortunately, at the moment I cannot name for privacy reasons, but which are ready to pounce on bitcoin-ETF,” Scaramucci said.
The creator of SkyBridge Capital noted that, according to an April Nasdaq study, 72% of financial advisors are more likely to invest client assets in crypto if a spot ETF becomes available. Although the US regulator has been rejecting and postponing applications for bitcoin ETFs in recent years, Scaramucci believes that things could change soon, “given the saturation and maturity of the market.”
In support of the hypothesis, the businessman refers to a recent statement by the investment company Fidelity about facilitating access to bitcoins for clients. Scaramucci believes that the influx of $2.7 trillion from assets controlled by Fidelity could have a profound and lasting impact on the cryptocurrency market:
“Fidelity is going to do for bitcoin what it did for the US stock market with the 401k programs in the 1980s. Partial ownership of shares issued during the Great Depression continued until the 1980s, and Fidelity took advantage of this and floated them—successfully for itself and its clients. They are going to do the same with bitcoin.”
Recently, the U.S. Securities and Exchange Commission (SEC), despite progress in registering bitcoin futures ETFs, rejected One River Asset Management’s application for
launch of a spot exchange-traded fund.
Source: Bits
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