Anthony Scaramucci points to Ethereum’s potential as a “store of value”

On-air with CNBC earlier this week, Skybridge Capital Executive and former White House press secretary Anthony Scaramucci said that while his main focus as an institutional investor is Bitcoin, there are big things on the horizon for Ethereum and the cryptocurrency could become a store of value.

“I think there’s a very big market for Ethereum and I predict that Ethereum has good fundamentals and will grow, but I’m in an institutionalist sort of business. I think like an institutionalist, and I’ve got to get my clients thinking about cryptocurrency and digital assets. So as a first step, I’m focused on Bitcoin and we only have now a Bitcoin fund,” Scaramucci said.

He went on about Ethereum’s future potential and explored the idea of the second largest cryptocurrency turning into a store of value. Ethereum has recently had a massive surged and jumped to all-time highs.

“Could we have an Ethereum fund in the future? Yes, we certainly could. Everything that you’re saying is true with the non-fungible tokens, and the technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something that people will transact with.” 

Furthermore, the former White House official said that he is already getting his clients ready for a shift in the world of finance. He does not make the case towards a 20% portfolio allocation towards cryptocurrency just yet, andthinks that an allocation between one and three percent would be ideal for investors.

“For us, it’s the apex predator of the space, and what I tell my clients is, whether you like it or not, the world is moving into digitization. If you think about gaming, you think about 4k, 8k coming. If you think about our children, what they’re going to be thinking about, they’re very comfortable transacting in Ethereum or Bitcoin, and I’ve got to get my clients ready for that. So if they have a 1%, 2%, or 3% position, I think they’re going to look at us as fiduciaries and think they were very well served by that.”

SkyBridge Capital’s Bitcoin Fund holds over $600 million worth of Bitcoin at present, and two weeks ago, the firm applied for approval of their Bitcoin ETF.

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