Anthony Scaramucci, CEO of SkyBridge Capital, expressed confidence that the U.S. would establish a Strategic Bitcoin BTC/USD Reserve, leading to increased allocations and price increases for the leading cryptocurrency.
What Happened: On Monday, Scaramucci reiterated his conviction that it’s not too late for investors to go long on Bitcoin.
“It may feel like you missed it, but you didn't. It's early,” he said, with the customary “not financial advice” disclaimer.
Scaramucci added that the Bitcoin strategic Reserve would be eventually set up under Senator Cynthia Lummis (R-Wyo.) and countries, institutional asset allocators, asset managers, and financial advisors would follow suit.
A vocal critic of President-elect Donald Trump during the election cycle, Scaramucci acknowledged that the Republican’s victory boosted Bitcoin’s bull rally.
Why It Matters: Scaramucci’s latest post adds to his ongoing advocacy for Bitcoin. Last month, he urged investors looking to add Bitcoin exposure to read the whitepaper written by pseudonymous creator Satoshi Nakamoto and follow the insights of influential proponents like MicroStrategy CEO Michael Saylor.
The vocal cryptocurrency advocate is known for putting his money where his mouth is. He previously disclosed that about 55% of his wealth is tied up in Bitcoin and that he hasn't yet sold them for profit.
Price Action: At the time of writing, Bitcoin was exchanging hands at $89,288.36, up a staggering 11% in the last 24 hours, according to data from Benzinga Pro. The coin has leaped over 31% over the week.
Photo by World Economic Forum on Flickr
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