Skybridge Capital, an alternative assets investment fund run by former Goldman Sachs banker and previously White House official Anthony Scaramucci, just revealed its intention to invest in Bitcoin.
As first spotted by technology analyst Kevin Rooke, the firm submitted a series of filings to the Securities and Exchange Commission (SEC) starting November 13th, which revealed that Skybridge Capital's funds may "seek exposure to digital assets." In a pursuant filing, it elaborated that it may "hold long and short positions in digital assets."
Digital assets are assets that are issued and/or transferred using technological innovations such as distributed ledger or blockchain technology and include, but are not limited to, Bitcoin.
Continuing, the filing describes digital assets to "have no intrinsic value other than as a method of exchange" and highlights that the Bitcoin price and that of other digital assets are not expected to be "connected or correlated to traditional economic or market forces, and the value of the investments of Investment Funds in digital assets could decline rapidly, including to zero."
Skybridge Capital also noted that it may invest in equity of companies that are involved in Bitcoin and digital assets.
Rooke indicates that Skybridge Capital holds $3.6 billion in assets. The firm's November 13th filing, however, states it held $6.9 billion under management at the end of September.
Scaramucci articulated his thoughts on Bitcoin in depth in a 2019 interview with Anthony Pompliano, partner at Morgan Creek Digital and host of the Off the Chain podcast.
In the interview, Scaramucci said that he thinks the cryptocurrency has value as a transaction mechanism, referencing its security and pseudonymity.
He added that with a fixed supply, it could be seen as a store of value.
More recently, he stated that Bitcoin will rally due to the increasing influence of millennials on investment markets.