The assets under management of the Skybridge Bitcoin Fund have increased to $ 310 million. Expecting the cryptocurrency to become a digital substitute for gold, the company estimates bitcoin at $ 535,000. Skybridge also predicts that the price of bitcoin will reach $ 100,000 this year.
Skybridge invests $ 310 million in bitcoin
Skybridge Capital, based in New York, is a global investment manager that provides investment solutions for 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 details of the ad:
Skybridge initiated a position, valued at approximately $ 310 million at the time of this launch, in funds investing in bitcoin during November and December 2020.
Skybridge’s investment director Ray Nolte commented: “With global money printing on the rise, bitcoin offers a strong alternative to gold as a store of value and protection against future inflation.”
Skybridge Bitcoin Fund charges an administration fee of 75 base points and no incentive fee. The minimum investment is $ 50,000, the company said, adding that accredited institutional and retail investors can apply directly to the fund on its website. Fidelity acts as custodian of the company’s bitcoin and Ernst & Young will audit the fund.
Bitcoin can be worth $ 535,000 each
Skybridge founder and managing partner Anthony Scaramucci said on Monday: “We believe that bitcoin is in its early days as an exciting new asset class.” Scaramucci previously served as communications director for President Donald Trump, but his tenure at the White House lasted only 11 days.
“I see the coins going to $ 100,000 on December 31 of next year,” he said, according to Business Insider. “It doesn’t mean that they won’t be volatile, it doesn’t mean that you won’t have any instability.” He further said:
If we are certain that it is a substitute for gold or digital gold, it should be traded for at least half the value of gold, with a market capitalization of $ 5 trillion. And it’s starting to have that meteoric exponential hockey stick rising.
According to Skybridge, “gold currently has a market value of $ 10 trillion, which would make a single bitcoin worth $ 535,000 if it were valued in the same way,” the publication said.
What do you think of Skybridge’s investment and bitcoin forecasts? Let us know in the comments section below.
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