Skybridge Bitcoin Fundâ€™s assets under management have risen to $310 million. Expecting the cryptocurrency to become a digital replacement for gold, the firm reportedly values bitcoin at $535,000. Skybridge also predicts that bitcoinâ€™s price will reach $100,000 this year.
Skybridge Invests $310 Million in Bitcoin
New York-headquartered Skybridge Capital is a global investment manager that provides investment solutions to individuals and institutions. Skybridge announced the launch of its bitcoin fund to outside investors on Monday after launching with $25.3 million of its own funds in December. The announcement details:
Skybridge Chief Investment Officer Ray Nolte commented: â€œWith global money printing at an all-time high, bitcoin offers a strong alternative to gold as a store of value and hedge against future inflation.â€
The Skybridge Bitcoin Fund charges a 75-basis point management fee and no incentive fee. There is a minimum investment of $50,000, the company detailed, adding that accredited retail and institutional investors can subscribe directly to the fund on its website. Fidelity serves as custodian for the firmâ€™s bitcoin and Ernst & Young will audit the fund.
Bitcoin Could Be Worth $535,000 Each
Skybridge founder and managing partner Anthony Scaramucci said Monday, â€œWe believe bitcoin is in its early innings as an exciting new asset class.â€ Scaramucci previously served as President Donald Trumpâ€™s communications director but his White House tenure only lasted 11 days.
â€œI see the coins going to $100,000 by December 31 next year,â€ he was quoted by Business Insider as saying. â€œItâ€™s not to say that they wonâ€™t be volatile, itâ€™s not to say that youâ€™re not going to have some choppiness.â€ He further opined:
According to Skybridge, â€œGold currently has a $10 trillion market cap, which would make a single bitcoin worth $535,000 if it were to be valued the same way,â€ the publication conveyed.
What do you think about Skybridgeâ€™s bitcoin investment and predictions? Let us know in the comments section below.
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