Bitcoin now has the regulatory approval, the financial expert continued, and it provided the green light for all of those large-scale financial institutions to start securing a position in BTC.
In the near future, Scaramucci believes, BTC is going to be part of the long-term tactical asset allocation strategy for institutional investors.
The expert also believes that it is important to “do the homework on Bitcoin,” which means not only reading the whitepaper but also understanding the history of money and how money works. When you do it, Scaramucci stated, “you go towards Bitcoin.”
Overall, he believes that being early in Bitcoin is profitable and “we are still early…sometimes when you’re early you get some bumps and scrapes,” he said.
The largest Bitcoin fund, run by Grayscale, has seen outflows of 839 BTC, which is the equivalent of $55,200. Currently, GBTC holds a total of 288,498 BTC under management worth $18.86 billion.
Fidelity ETF has added 1,989 BTC worth more than $130,79 million. After this inflow, the overall amount of Bitcoin it holds is 155,745 BTC, evaluated at $10.24 billion.
In the last 24 hours, the leading cryptocurrency, Bitcoin, has initiated a moderate increase of less than 2% as it surpassed the $66,000 level and is currently changing hands at $66,340 per coin.
This article was originally published on U.Today
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