The world’s first cryptocurrency, Bitcoin [BTC] did not have a great start. However now, the narrative has been changing as the asset is being widely accepted. BTC’s volatile nature posed a significant issue to many. But now, mainstream firms have been adopting the coin. Earlier today, Fidelity, one of America’s prominent 401(k) plan providers made news after it decided to include BTC as part of its retirement scheme. Now, following the footsteps of Fidelity another firm, SkyBridge Captial decided to offer a similar plan.
Crypto Twitter was still buzzing with news about Fidelity’s Bitcoin-friendly move. Meanwhile, the founder of SkyBridge, Anthony Scaramucci took to Twitter and announced the addition of BTC. The tweet read
This news comes after the firm affirmed that it intended to triple its crypto holdings. The SkyBridge portfolio entails a wide range of assets from Bitcoin, Ethereum [ETH], Algorand as well as publicly-traded crypto stocks.
Here’s why SkyBridge is inclining toward crypto
Appearing in a recent interview, Scaramucci addressed the firm’s abrupt interest in Bitcoin and other cryptocurrencies. Elaborating on the same he added,
“We feel so strongly about this opportunity that we’ve adapted and repositioned the firm to eventually be a leading cryptocurrency asset manager and adviser.”
Additionally, the Securities and Exchange Commission [SEC] has had a vital role to play in the crypto-verse. From labeling assets as security to outrightly trashing ETF applications, the SEC’s presence in the crypto market hasn’t been favorable to businesses. SkyBridge was also one among the several platforms that failed to amass a green signal from the SEC for a spot ETF for Bitcoin.
Speaking about the same, Scaramucci said,
“I think the SEC is taking the position that because the cash trading of Bitcoin is happening all over the world, they don’t have a one-market clearing for all buys and sells. So they’re worried about price manipulation. But over time, because of the transparency of the markets, I think they’re going to get more comfortable with it.”