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Anthony Scaramucci, founder and CEO of SkyBridge Capital, stated on Thursday that the SEC’s approval of the first spot Bitcoin exchange-traded funds should be regarded as a watershed moment for Bitcoin.
Speaking to CNBC, Scaramucci reveals his Bitcoin ETF strategy, indicating his intention to purchase a U.S. Bitcoin ETF now that it has been approved.
The Securities and Exchange Commission of the United States (SEC) adopted rule changes on Wednesday that will allow the launch of Bitcoin ETFs in the United States.
“I will be, yes. I’ll be a ceremonial buyer,” Scaramucci responded when asked if he would buy Bitcoin ETF.
The Skybridge Capital CEO also stated that his New York-based hedge fund unexpectedly saw its best year ever in 2023 after “incrementally buying” Bitcoin, Ethereum and Solana.
Bitcoin was trading up 7% at $48,118 at press time, according to CoinMarketCap, and the SEC’s decision has many analysts bullish about the newly unlocked potential for massive gains.
Expressing bullish expectations for 2024, Scaramucci believes Bitcoin might reach its all-time high by the end of the year and will likely surpass it by this time next year.
Bitcoin attained its present all-time high of nearly $69,000 in November 2021.
Bitcoin “now public good”
As the company launches its first Bitcoin exchange-traded fund, Ark Invest President and COO Tom Staudt believes Bitcoin is now a “public good” to which all investors should have access.
The new ETF from Cathie Wood’s Ark Invest and partner 21Shares will have a 0.21% fee, making it one of the most affordable products in the newly created market.
The ARK 21Shares Bitcoin ETF, along with the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Trust, the WisdomTree Bitcoin Fund, the Invesco Galaxy Bitcoin ETF and the Valkyrie Bitcoin Fund, comprise the six initially waived fees. Only Bitwise’s offering will be less expensive for investors, with fees starting at 0.2%.