Anthony Scaramucci, founder of SkyBridge Capital, recently revealed that Sovereign Wealth Funds (SWFs) are starting to look into Bitcoin (BTC). This development shows growing interest among institutional investors in cryptocurrency.
However, Scaramucci pointed out that unclear U.S. regulations prevent these significant funds from making major investments. He asserted that full adoption remains unseen until clearer laws are in place.
What Are Sovereign Wealth Funds?
Sovereign Wealth Funds are government-controlled investment funds that manage national reserves. These reserves often come from trade surpluses, oil earnings, or other government income sources. Because of their massive financial resources, these funds are important players in global markets.
Norway currently oversees the largest SWF globally, with an estimated $1.73 trillion in assets under management, followed by China with approximately $1.33 trillion, as reported by Visual Capitalist.
Scaramucci, who once served briefly as White House communications director, believes some of these funds have already started quietly buying Bitcoin. Speaking on Anthony Pompliano’s podcast on May 8, he said their current exposure remains limited until legislation is greenlit in the United States.
Industry Leader Say Clear Rules Will Bring Big Investments
Scaramucci stressed that Sovereign Wealth Funds (SWFs) will only get fully involved if the U.S. sets clear rules for digital assets. In a previous interview with the Financial Times in February, he hoped these rules might be ready by November.
He believes favorable laws for stablecoins, clear rules for banks to handle digital assets, and support for tokenizing securities would help bring more big investments into the crypto market.
Scaramucci’s push for clear guidelines has become even more critical as the U.S. government debates how to regulate. At the same time, Coinbase CEO Brian Armstrong is asking for fairer regulations.
Recently, he urged lawmakers to reconsider bills like the GENIUS Act and the STABLE Act, saying these rules could harm stablecoin issuers and slow down innovation in the crypto world.
Bullish Prediction About Bitcoin’s Future
Scaramucci said that Bitcoin’s price could skyrocket to $1 million if Sovereign Wealth Funds see it as a key part of the global financial system. This aligns with his 2024 forecast, where he projected that Bitcoin could hit $700,000 in the coming years.
Other industry leaders also believe Bitcoin could skyrocket. Cathie Wood, CEO of ARK Invest, has been optimistic about Bitcoin’s long-term potential. Last March, she said the asset could hit $1 million sooner than 2030, thanks to more big investors getting involved.
Meanwhile, according to CoinMarketCap data, Bitcoin is currently trading at $103,467, reflecting a modest increase of 0.40% in the last 24 hours.
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