‘Bitcoin Is a Hedge’: Anthony Scaramucci on BlackRock’s Strategic Bitcoin Purchases
Anthony Scaramucci, the founder of SkyBridge Capital, is dismissing the recent Bitcoin sell-off as irrational and believes it stems from certain investors viewing Bitcoin as a “risk-on” asset. In a recent post, he argued that the dip was merely a reaction to market volatility in tech stocks, rather than a reflection of any inherent problem with Bitcoin itself.
Scaramucci highlights the role of BlackRock in educating investors about Bitcoin as a long-term diversifying hedge rather than a high-risk asset. He points out that while other Bitcoin exchange-traded funds (ETFs) experienced outflows during the sell-off, BlackRock’s iShares Bitcoin Trust (IBIT) recorded $315 million in inflows on the same day.
The sell-off in Bitcoin aligns with broader market dynamics, including a net outflow of $54.9 million in Bitcoin spot ETFs on November 1, following a week of net inflows. However, BlackRock’s IBIT continues to see strong demand, with a record $875 million inflow on October 30. On the same day, spot Bitcoin ETFs collectively attracted $917.2 million, the largest inflow since March.
Despite sustained investor interest, the price of Bitcoin fell below $70,000 on Friday. Nonetheless, Scaramucci has accurately predicted Bitcoin’s price surge following the Federal Reserve’s rate cut.
According to Scaramucci, Bitcoin’s potential for growth is still in its early stages. He encourages potential investors to read the Bitcoin white paper and listen to influential Bitcoin evangelists such as Michael Saylor, co-founder of MicroStrategy, and Erik Voorhees, founder of ShapeShift.