The BTC Fund by SkyBridge saw so much attention since more than 6000 people tried to join a Zoom Call with Anthony Scaramucci, which overwhelmed the system and the team was forced to schedule a second launch call for January 12. In our latest bitcoin news today, we find out more about it.
The BTC fund by SkyBridge is attracting plenty of investors as it saw interest in the main cryptocurrency hitting an all-time high among institutional investors. The hedge fund run by Ex-White House Communications Director Anthony Scaramucci got overrun by the interested customers. SkyBridge held a Zoom Call to inform the investors about its million BTC fund which held $310 million on BTC on Monday. However, more than 6000 people tried to join which ended up overwhelming the system urging the team to launch another call set for January 12th.
The fund promises to be a secure middleman between the high-stakes investors and the BTC market so it is primed to take off in 2021. Assurances from Fidelity came too which serves as the custodian, while Ernst and Young will be auditing the fund. The boarding pass for the BTC fund sets the prospective investors back with a minimum of $50,000 investment.
During the launch call, the company spent about 60 minutes explaining the position formerly advanced in its pitch to investors saying that BTC is digital gold and it is better than gold too. The call started with investor Bill Miller saying:
“The Bitcoin story is very easy. It’s supply and demand. Bitcoin’s supply is growing at around 2.5% a year, and the demand is growing faster than that and there’s going to be a fixed number of them.”
Bill Miller, Michael Saylor, and Scaramucci are three high-profile figures who are running the crypto run at full speed. In a letter written before the Zoom Call, Miller rebuffed Warren Buffett, the CEO of Berkshire Hathaway who called bitcoin “rat poison squared” saying that he could be right if BTC is rat position and the rat is Cash. BTC flipped the market cap of Buffett’s company earlier in 2020.
SkyBridge hopes to incentivize investors to join the BTC fund by outlining BTC’s unprecedented market growth with its fixed number that Is capped at 21 million, the increasing institutional adoption, and its decentralized blockchain ledger. The company is one of the few institutional investors that bought into the BTC hype alongside MicroStrategy and MassMutual.
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