Institutional adoption of Bitcoin is just beginning, according to Anthony Scaramucci, co-founder of Skybridge Capital. In an interview with CNBC, Scaramucci stated that institutional adoption of the cryptocurrency is currently underway and expects more pension funds to disclose their BTC allocations in the near future. He emphasized that Bitcoin now has regulatory approval, which was previously a barrier for large-scale institutions. Scaramucci urged investors to consider being long on Bitcoin, as not doing so could mean being short on it. As of May 15, nearly 1,000 large investors with over $100 million in assets have revealed their ownership of U.S. Bitcoin spot ETFs. The State of Wisconsin Investment Board is one of these investors, disclosing a $162 million allocation to the ETFs. Scaramucci believes that institutions are gradually entering the BTC market before it becomes part of their overall asset allocation strategy. Bitwise CIO Matt Hougan shares this perspective and predicts that institutions may allocate between 1% and 5% of their portfolios to Bitcoin. Scaramucci sees Bitcoin as digital gold, primarily serving as a store of value rather than a medium of exchange. He believes that being an early adopter of Bitcoin will be beneficial, despite the challenges it may present. Scaramucci previously forecasted that Bitcoin could reach $170,000 per coin by the end of 2025.
