September 30, 2022

Anthony Scaramucci Bullish on Ethereum But Institutional Demand Goes to Bitcoin Only

2 min read

After expressing a pro-Bitcoin opinion for numerous consecutive months, SkyBridge Capital’s Anthony Scaramucci has actually described the benefits of the second-largest cryptocurrency– ETH. Although he confessed that a lot of institutions are still focused just on BTC, he hinted that his company might launch an Ethereum Fund in the future too.

Scaramucci Positive on Ethereum

The previous White House Director of Communications has actually been quite vocal regarding the cryptocurrency space since the end of 2020, when the company he established in 2005 revealed strategies to launch a Bitcoin Fund.

Since then, his public focus headed towards BTC, but during an appearance on the Squawk Box earlier today, Scaramucci got concerns on Ethereum and its growing role as the underlying technology behind DeFi and NFTs.

“I think there’s a truly huge market for Ethereum, and I anticipate that Ethereum has great principles and it will grow.”

Furthermore, Scaramucci described his bullish stance on ETH’s future rate developments. He included that the technology around the popular blockchain task is “going to make it a sticky cryptocurrency and a shop of value and something people will transact with.”

Anthony Scaramucci. Source: Yahoo

Anthony Scaramucci. Source: Yahoo Organizations (Still) Aim for Bitcoin While Scaramucci believes in ETH’s prospective to continue growing, he asserted that the need from institutional investors keeps going in one certain direction when it boils down to the crypto industry– Bitcoin.

“I’m in an institutionalist-sort of service, I think like an institutionalist– I’ve got to get my customers thinking about cryptocurrency and digital properties. So, as an initial step, I’m focused on Bitcoin, and we have now only a Bitcoin fund.”

Scaramucci highlighted that bitcoin, as the first-ever and most widely known crypto possession, has the highest prospective to turn institutions towards the cryptocurrency area. Once it does, then the possibility for Ethereum and even other digital possessions would come. As such, SkyBridge Capital’s creator hinted that his business could look into launching an ETH Fund in the future as well but just when the need comes.

It’s worth keeping in mind that all big companies that have launched an Ethereum fund entered into Bitcoin first of all. This held true with Grayscale, CoinShares, 3iQ, and more.