More and more people are eyeing Bitcoin such as SkyBridge Capital, how it impact Bitcoin price?

It seems that lately, large organizations and celebrities, and the wealthy, have been eyeing Bitcoin more. This is not a subjective judgment because there is quite a lot of information and evidence that the sharp rise in Bitcoin price is partly due to the increase in interest from traditional financial institutions.

SkyBridge Capital and the 166th wealthiest person in the world looking to invest in cryptocurrency; how it impact Bitcoin price?

SkyBridge Capital is a $ 9.2 billion investment firm founded by Goldman Sachs and President Donald Trump, Anthony Scaramucci.

According to the Securities and Exchange Commission (SEC), SkyBridge Capital is looking to set up a hedge fund where institutional investors will directly expose cryptocurrencies. The company will invest in companies exposed to cryptocurrencies or those that directly support the cryptocurrency ecosystem.

Their prospectus reads:

“The Company may seek to gain investment exposure to certain Investment Funds or Investment Managers which may enter into derivative transactions, such as total return swaps, options, and futures. Investments by the Company and/or Investment Funds may also be made in companies providing technologies related to digital assets or other emerging technologies. Investment Funds may invest in digital assets without restriction as to market capitalization or technological features or attributes. They may invest in initial coin offerings, which have historically been subject to fraud.”

Additionally, the decades-old investment firm is looking for ways to be exposed to all forms of cryptocurrencies and not necessarily Bitcoin. Despite their interests, the company describes cryptocurrencies as securities with no intrinsic value, prone to loss of liquidity during downturn market conditions.

Elsewhere, the second richest man in Mexico, Ricardo Salinas Pliego, revealed that 10% of his portfolio is in Bitcoin.

Ricardo shared a video of banks in Venezuela throwing garbage bags filled with banknotes in a trash can. That includes a 10,000-bolivar note issued in 2016 and 2017 – before the country redefined paper money in 2018 amid an escalating inflation crisis.

Three hours later, Pliego then tweeted a recommendation for The Bitcoin Pattern, claiming that Bitcoin protects the citizen from government expropriation.

Crypto Twitter responded happily to the news that the 166th richest citizen in the world is making a substantial investment in Bitcoin. Furthermore, it seems that institutional adoption has gradually emerged since the launch of Grayscale’s Bitcoin Investment Fund in 2016.

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