Anthony Scaramucci the manager of one of the leading hedge funds Skybridge Capital in a recent interview with Bloomberg claimed that a majority of institutional investors are still cautious of investing in the crypto market and blockchain technology. Scaramucci’s comments are quite in contrast to the general belief that institutions have arrived in the crypto market as dozens of mainstream financial giants announced crypto-centric development this bull season. The hedge fund manager believes that the crypto market is dominated by only 10% of the financial service committee.
“The institutions are not there … anybody who’s telling you there’s institutional adoption into this space is not being honest or they’re seeing something that I’m not seeing,”
Scaramucci’s comments came in at a time when some of the former critics including JP Morgan, Morgan Stanley, CITI Bank, Bank of America, and several other mainstream hedge funds have started offering crypto investment options to clients amid soaring demand. The growing demand from clients has also changed the tune of many of the Bitcoin critics who now see it as the future of finance.
Scaramucci Optimistic About DeFi
During the interview, the hedge fudge manager also gave an optimistic outlook claiming shortly institutional giants or wall street banks would start buying crypto startups and hope to see the Decentralized Finance (Defi) become mainstream.
Scaramucci led Skybridge Capital has filed for a Bitcoin ETF with the US SEC and currently waiting for approval. The firm also bought carbon credits to neutralize its carbon footprints generated by holding bitcoin. The hedge fund manager is one of the biggest bitcoin and crypto proponents and thus his comments came as a surprise to many. The real institutional adoption would begin once there is more regulatory clarity as the majority of institutions don’t want to invest in something that comes with regulatory risk.