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Anthony Scaramucci Bullish on Ethereum But Institutional Demand Goes to Bitcoin Only

After expressing a pro-Bitcoin opinion for several consecutive months, SkyBridge Capital’s Anthony Scaramucci has outlined the merits of the second-largest cryptocurrency – ETH. Although he admitted that most institutions are still focused only on BTC, he hinted that his company could launch an Ethereum Fund in the future as well.

Scaramucci Positive on Ethereum

The former White House Director of Communications has been quite vocal regarding the cryptocurrency space since the end of 2020, when the company he founded in 2005 announced plans to launch a Bitcoin Fund.

Since then, his public focus headed towards BTC, but during an appearance on the Squawk Box earlier today, Scaramucci received questions on Ethereum and its growing role as the underlying technology behind DeFi and NFTs.

“I think there’s a really big market for Ethereum, and I predict that Ethereum has good fundamentals and it will grow.”

Furthermore, Scaramucci outlined his bullish stance on ETH’s future price developments. He added that the technology around the popular blockchain project is “going to make it a sticky cryptocurrency and a store of value and something people will transact with.”

Anthony Scaramucci. Source: Yahoo
Anthony Scaramucci. Source: Yahoo

Institutions (Still) Aim for Bitcoin

While Scaramucci believes in ETH’s potential to continue growing, he asserted that the demand from institutional investors keeps going in one certain direction when it comes down to the crypto industry – Bitcoin.

“I’m in an institutionalist-sort of business, I think like an institutionalist – I’ve got to get my clients thinking about cryptocurrency and digital assets. So, as a first step, I’m focused on Bitcoin, and we have now only a Bitcoin fund.”

Scaramucci highlighted that bitcoin, as the first-ever and most well-known crypto asset, has the highest potential to turn institutions towards the cryptocurrency space. Once it does, then the possibility for Ethereum and even other digital assets would come. As such, SkyBridge Capital’s founder hinted that his company could look into launching an ETH Fund in the future as well but only when the demand comes.

It’s worth noting that all large organizations that have released an Ethereum fund went into Bitcoin firstly. This was the case with Grayscale, CoinShares, 3iQ, and more.

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