Bitcoin won’t see ‘gigantic’ SWF buying until laws greenlit: Scaramucci
The post Bitcoin won’t see ‘gigantic’ SWF buying until laws greenlit: Scaramucci appeared on BitcoinEthereumNews.com. Sovereign Wealth Funds are already gaining exposure to Bitcoin, but significant allocations won’t happen until the United States establishes clearer regulations for the digital assets industry, says SkyBridge founder Anthony Scaramucci. “I think they are buying it, I think they are buying it on the margin,” Scaramucci, former White House director of communications during US President Donald Trump’s first term, said on Anthony Pompliano’s podcast on May 8. Legislation will lead to “large blocks of buying” “I don’t think it is going to be a gigantic groundswell of buying until we greenlight legislation in the United States,” he added. Scaramucci previously said in a February interview with the Financial Times that he expects the US government to propose crypto legislation in November. SWFs are government-owned investment funds that manage national savings, often built from surplus revenues like oil profits or trade gains. Norway has the largest SWF in the world, with approximately $1.73 trillion in assets under management, followed by China with $1.33 trillion, according to data from Visual Capitalist. Bitcoin’s (BTC) market cap is approximately $2.05 trillion, according to CoinMarketCap. Anthony Scaramucci (right) spoke to Anthony Pompliano on his podcast on May 8. Source: Anthony Pompliano Scaramucci said that if stablecoin regulation is passed, clear guidance is provided for traditional banks to custody of Bitcoin and other digital assets, and there’s progress on tokenizing stocks and bonds, a significant wave of buying from Sovereign Wealth Funds is likely to follow. “Then I will tell you that there will be large blocks of buying, or people worth 10, 20, 30 trillion dollars, buying a half a billion dollars of Bitcoin, buying a billion of Bitcoin,” Scaramucci said. Related: Institutional investors continue to scoop up Bitcoin above $100K “But if you wanna see a million dollar Bitcoin, that’s when someone at…
The post Bitcoin won’t see ‘gigantic’ SWF buying until laws greenlit: Scaramucci appeared on BitcoinEthereumNews.com.
Sovereign Wealth Funds are already gaining exposure to Bitcoin, but significant allocations won’t happen until the United States establishes clearer regulations for the digital assets industry, says SkyBridge founder Anthony Scaramucci. “I think they are buying it, I think they are buying it on the margin,” Scaramucci, former White House director of communications during US President Donald Trump’s first term, said on Anthony Pompliano’s podcast on May 8. Legislation will lead to “large blocks of buying” “I don’t think it is going to be a gigantic groundswell of buying until we greenlight legislation in the United States,” he added. Scaramucci previously said in a February interview with the Financial Times that he expects the US government to propose crypto legislation in November. SWFs are government-owned investment funds that manage national savings, often built from surplus revenues like oil profits or trade gains. Norway has the largest SWF in the world, with approximately $1.73 trillion in assets under management, followed by China with $1.33 trillion, according to data from Visual Capitalist. Bitcoin’s (BTC) market cap is approximately $2.05 trillion, according to CoinMarketCap. Anthony Scaramucci (right) spoke to Anthony Pompliano on his podcast on May 8. Source: Anthony Pompliano Scaramucci said that if stablecoin regulation is passed, clear guidance is provided for traditional banks to custody of Bitcoin and other digital assets, and there’s progress on tokenizing stocks and bonds, a significant wave of buying from Sovereign Wealth Funds is likely to follow. “Then I will tell you that there will be large blocks of buying, or people worth 10, 20, 30 trillion dollars, buying a half a billion dollars of Bitcoin, buying a billion of Bitcoin,” Scaramucci said. Related: Institutional investors continue to scoop up Bitcoin above $100K “But if you wanna see a million dollar Bitcoin, that’s when someone at…
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