SkyBridge Capital’s Bitcoin Fund with Anthony Scaramucci
SkyBridge Investment Fund Seeks Salvation in Bitcoin – FT
SkyBridge seeks salvation in bitcoin not because of loyalty to cryptocurrencies
2020 has been disastrous for a multi-billion dollar fund
JPMorgan experts expect bitcoin capitalization growth by $ 600 billion
Anthony Scaramucci’s multi-billion dollar investment fund, SkyBridge Capital, has experienced its second worst year since the 2008 crisis and is looking to improve its business with cryptocurrency
The multibillion-dollar fund SkyBridge Capital sank 7.5%, while its peers showed positive returns, writes the Financial Times (FT). This is the second worst year for the fund since the 2008 crisis..
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Nevertheless, the founder of SkyBridge Capital Anthony Scaramucci noted that the final figures are many times better than the previous results, since only in March the fund lost about 24% in price. For comparison, in 2008 the SkyBridge Capital fund fell 19%.
The FT notes that SkyBridge Capital sank in price, mainly due to investments in hedge funds focused on structured loans. It is this market area that was hit hardest during the March 2020 market crash..
Looking for salvation
According to a representative of SkyBridge Capital, the net outflow from the fund for 2020 amounted to $ 1.4 billion.The outflow of funds led to a reduction in the total assets under the management of the fund to $ 7 billion at the end of 2020..
Now SkyBridge Capital plans to find new sources of income by launching the SkyBridge Bitcoin Fund LP cryptocurrency fund with a start-up capital of $ 310 million.
The fund hopes to capitalize on the growing investor interest in digital currency, writes FT.
We will remind, earlier Scaramucci said that bitcoin is still at the very beginning of the path despite the update of historical highs. The head of SkyBridge Capital noted that MicroStrategy’s decision to invest in cryptocurrency helped to see the need to create a new customer-focused product.
JPMorgan believes that SkyBridge Capital may not be the only financial market giant to invest in cryptocurrency.
BeInCrypto editors reported, that a major US financial conglomerate predicts a $ 600 billion increase in bitcoin capitalization after the arrival of institutional investors.
Experts agree that large investors, from family offices and wealthy investors, to insurance giants and pension funds, are ready to accept the leading cryptocurrency as a financial instrument..