KEY POINTS

  • Scaramucci said money managers will be "benchmarked off of Bitcoin" in the future
  • The former White House communications director advises investors to move the money they do not need in the short-term to Bitcoin
  • He says Bitcoin is "going to work"

Anthony Scaramucci, the former White House communications director and founder of investment firm SkyBridge Capital, has said Bitcoin could easily hit $100,000 within the next 12 months as more companies and money managers are adopting it.

In an interview with Yahoo Finance on Wednesday, Scaramucci said he would advise investors to move the money that they do not need in the short-term to Bitcoin. Bitcoin, he said, has a very big future.

Scaramucci has previously been critical of Bitcoin but has since become a believer. Last month, SkyBridge launched its Bitcoin Fund L.P with a $25 million capital. The fund's minimum subscription size is $50,000 and it is about to cross $100 million in assets under management (AUM), the founder told Yahoo. The firm started investing in Bitcoin late last year. SkyBridge now has under $500 million worth of Bitcoin across all of its investments.

Scaramucci said money managers will soon be "benchmarked off of Bitcoin" and that a few percentage points of this will be related to digital currency. "So if you're not going to be an investor in Bitcoin you're effectively short Bitcoin," he added, noting that the dominant cryptocurrency actually lifted his fund's performance that took a hit at the beginning of the coronavirus pandemic.

"The SkyBridge Series G fund is up 33% since April 1, and some of that frankly has been the move in Bitcoin that we took advantage of in the fourth quarter of last year," Scaramucci told Yahoo.

For him, Bitcoin is simply just going to work. In a previous interview, he said the GameStop fiasco is proof that Bitcoin is going to work. "How are you going to beat the decentralized crowd? That to me is more affirmation about decentralized finance," he added.

Bitcoin had its highest daily close Thursday at $47,997 on Coinbase.

Anthony Scaramucci In this photo, Anthony Scaramucci at Tommy Lasorda's 90th Birthday Celebration at The Getty Center in Los Angeles, California, Sept. 24, 2017 Photo: Getty Images / Phillip Faraone