Traders are sleeping on BlackRock’s Crypto Move, says Hedge Fund CEO Anthony Scaramucci – Here’s what he thinks
Skybridge Capital founder Anthony Scaramucci says insufficient attention is being paid to the attack on crypto by the world’s largest asset manager, BlackRock.
Scaramucci says in a CNBC interview that the move by the Larry Fink-led asset management company to launch a spot Bitcoin (BTC) private trust is indicative of institutional demand for crypto assets.
“People don’t pay close enough attention to what BlackRock is doing. If Larry Fink and his team are setting up a product related to Bitcoin, it means there is institutional demand out there. Whether they have a positive or negative opinion of Bitcoin does not matter.
There is an expression back at [investment bank] Goldman Sachs in the early 90s: “feed the ducks”. If the ducks want Bitcoin, set up a product and feed the ducks. And so I think this is a big thing that’s just not being fleshed out as much as it should be.”
BlackRock unveiled a spot Bitcoin private trust designed to track the performance of its flagship crypto asset for wealthy clients in the US about two weeks ago.
Earlier this month, the asset manager, which currently has over $10 trillion in assets under management, partnered with Coinbase to allow customers to buy Bitcoin through the crypto exchange.
As for Bitcoin’s ability to serve as an inflation hedge, Skybridge Capital’s founder and CEO says the flagship crypto-asset has yet to come of age due to relatively low levels of adoption.
“Bitcoin is still not a mature enough asset to be seen as a potential inflation hedge. You just don’t have the wallet bandwidth in Bitcoin.
When I bought my first Bitcoin, there were 80 million wallets, according to [blockchain analytics platform] Glass node. There are probably 300 million wallets globally today.
Until you get into the billion, billion+, I don’t think you’re going to see Bitcoin as an inflation hedge. It is still a technical asset that is put into use early.”
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Featured Image: Shutterstock/JLStock/Nikelser Kate
