Former White House communications director Anthony Scaramucci compared holding bitcoin to the security of owning bonds and gold.
In an opinion piece published on CNN, Scaramucci said bitcoin’s value had strengthened significantly over the years as a result of increased government scrutiny and regulation. Scaramucci, who runs SkyBridge Capital, called bitcoin a viable option for long-term investors looking to protect themselves from inflation.
Alongside fellow SkyBridge executive Brett Messing, the former White House director argued bitcoin had declined in risk and was comparable in safety to owning bonds or gold.
The pair wrote,
Increased regulations, improved infrastructure and access to financial institutions — like Fidelity — that hold investors’ money have made bitcoin investments as safe as owning bonds and commodities like gold, which are also used to balance portfolios.
The hedge fund executives said bitcoin had “matured” and claimed the crypto markets were in an early adoption phase that offered “significant” long-term value.
Scaramucci’s comments came nearly a month after SkyBridge Capital filed an application with the U.S. Securities and Exchange Commission to offer a bitcoin hedge fund. The fund, titled SkyBridge Bitcoin Fund LP, launched in early January, with Fidelity serving as custodian and Ernst & Young managing auditing.