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Anthony Scaramucci says that 'a million dollars in Bitcoin' will reach the sovereign wealth fund, stating: 'Well, this is part of the infrastructure of financial services in the world.'
Sovereign wealth funds have already begun to gain exposure to Bitcoin, but large allocations won't happen until the United States establishes clearer rules for the digital asset industry, says Anthony Scaramucci, founder of SkyBridge.
Scaramucci, the former White House communications director during the first term of U.S. President Donald Trump, said on Anthony Pompliano's podcast on May 8: 'I think they believe it, I think they believe it on the margin.'
Legislation will lead to 'large blocks of buying'
He added: 'I don't think a massive wave of buying will happen until we agree on legislation in the United States.' Scaramucci had previously stated in an interview with the Financial Times in February that he expects the U.S. government to propose cryptocurrency legislation in November.
Sovereign wealth funds are investment funds owned by governments, managing national savings, which are often built from surplus revenues, such as oil profits or trade gains. Norway has the largest sovereign wealth fund in the world, with managed assets estimated at around $1.73 trillion, followed by China with managed assets of $1.33 trillion, according to data from Visual Capitalist.
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Anthony Scaramucci spoke with Anthony Pompliano on his podcast on May 8. Source: Anthony Pompliano
Scaramucci said that if stablecoin regulation is passed, and clear guidelines are provided for traditional banks to hold Bitcoin and other digital assets, and there is progress in tokenizing stocks and bonds, a large wave of buying from sovereign wealth funds is likely to follow.
Scaramucci said, 'Then I'll tell you there will be large blocks of buying, or people worth $10 or $20 or $30 trillion, buying half a billion dollars of Bitcoin, and buying a billion Bitcoin.'
Related: Institutional investors continue to buy Bitcoin above $100,000
He added, 'But if you want to see a million dollars in Bitcoin, that's when someone at one of the sovereign banks says: Well, this is part of the infrastructure for global financial services engineering.'
ARK Invest CEO Cathie Wood recently stated that the chances of Bitcoin reaching seven figures by 2030 have increased.
Wood said in February: 'We actually believe that the odds have risen that our bullish case will be the right number due to what has become institutionalization of this new asset class.'
