The Skybridge Bitcoin Fund’s assets under management have grown to $ 310 million. The company expects the cryptocurrency to become a digital replacement for gold, and it is reportedly valuing Bitcoin at $ 535,000. Skybridge also predicts that the price of Bitcoin will hit $ 100,000 this year.
Skybridge invests $ 310 million in Bitcoin
Skybridge Capital, headquartered in New York, is a global investment manager providing investment solutions to individuals and institutions. Skybridge announced the launch of its Bitcoin fund for outside investors on Monday after launching $ 25.3 million from its own resources in December. The announcement details:
Skybridge had a position in funds in November and December 2020 valued at approximately $ 310 million as of this writing in funds that invest in Bitcoin.
Ray Nolte, Skybridge’s Chief Investment Officer, commented: “With global money pressures at an all-time high, Bitcoin offers a strong alternative to gold as a store of value and a hedge against future inflation.”
The Skybridge Bitcoin Fund charges an administration fee of 75 basis points and no incentive fee. There’s a minimum investment of $ 50,000, according to the company. Accredited private and institutional investors can subscribe to the fund directly on its website. Fidelity is acting as the custodian for the company’s bitcoin, and Ernst & Young will review the fund.
Bitcoin could be worth $ 535,000 each
Skybridge founder and managing partner Anthony Scaramucci said Monday, “We believe that bitcoin is still in its infancy as an exciting new asset class.” Scaramucci was previously President Donald Trump’s communications director, but his term in the White House was only eleven Days.
“I see the coins rise to $ 100,000 by December 31st next year,” he was quoted by Business Insider as saying. “It’s not to say that you won’t be volatile, it’s not to say that you won’t be chopped off.” He went on to say:
If we’re right that this is a gold substitute or digital gold, with a market cap of $ 5 trillion, it should trade at least less than half the value of gold. And it’s starting to have that meteoric exponential hockey stick lift.
According to Skybridge, “Gold currently has a market cap of $ 10 trillion, which would make a single bitcoin worth $ 535,000 if valued the same way,” the publication said.
What do you think of Skybridge’s Bitcoin investments and forecasts? Let us know in the comments below.
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