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SkyBridge Capital’s Anthony Scaramucci has praised the world’s second-largest cryptocurrency by market cap, Ether (ETH). He believes that there is a big market for Ethereum and has good fundamentals, predicting that the cryptocurrency will continue to grow. He admitted that most institutions are still focused only on Bitcoin, hinting that his company could launch an Ethereum Fund in the future.
Anthony Scaramucci Bullish on Ethereum But Institutions Are Only Demanding Bitcoin
In an appearance on CNBC’s Squawk Box on April 5, the Chief of SkyBridge Capital, Anthony Scaramucci said that he is bullish on Ethereum but his company has been forced to focus on Bitcoin so far.
Since his institutional clients seem to be only attracted towards the leading cryptocurrency, a Bitcoin fund was set up by his company for investors, adding:
“I predicted 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.”
SkyBridge Capital’s Bitcoin Fund LP holds over $600 million worth of Bitcoin. The firm recently applied for the SEC approval of a Bitcoin ETF.
SkyBridge Capital Could Launch ETH Fund in Future
The anchor, Andrew Sorkin, posed Anthony Scaramucci many questions about Ethereum, the technology behind DeFi and NFTs, to which Scaramucci said that many things that could happen in the future, which require Ethereum, and not Bitcoin.
The founder of SkyBridge Capital did hint that his company could look into launching an ETH Fund in the future as well but only when the demand comes. In the end, ETH is “going to make it a sticky cryptocurrency and a store of value and something people will transact with.”
Ethereum is currently trading at $2,130, with about a 3.90% price uptrend in the past 24 hours.