Scaramucci Reacts to Another Billionaire Backs Bitcoin

Anthony Scaramucci, founder of SkyBridge Capital and an ardent Bitcoin supporter, has taken to social media to react to billionaire Philippe Laffont adopting Bitcoin, stating that the founder of Coatue Management now understands that the flagship cryptocurrency is the greatest investment in a generation.

The founder of the highly respected $15 billion tech-focused hedge fund recently revealed that he had warmed up to Bitcoin while speaking at Coinbase’s State of Crypto Summit in New York City.

In the past, Laffont would remain on the sidelines of the Bitcoin mania due to persistent concerns about the cryptocurrency’s excessive volatility that traditional investors typically do not want to tolerate.

The influential billionaire now believes that Bitcoin’s volatility is low enough for it to be viewed as a legitimate part of investor portfolios.

Like many other prominent financiers, Laffont also views Bitcoin as a hedge against inflation.

A modest allocation recommendation

Notably, Laffont also expressed regret for not investing in the cryptocurrency earlier.

The hedge fund titan believes that investors should allocate from 3 percent to 4 percent of their portfolios to the leading cryptocurrency.

He added that investors are better off with a small position that does not cause too much anxiety.

Three types of clients

The villain: those who trust him to make the investment decisions, those who wonder why he missed out on Bitcoin , and those who are still afraid of touching crypto altogether. The last group, Laffont said, is a “dying population.”

$500,000 per Bitcoin?

In late May, SkyBridge Capital founder Anthony Scaramucci predicted that the leading cryptocurrency could potentially surge to $500,000 due to excessive government spending.

Last November, as reported by U.Today, Scaramucci opined that even new investors were still “early” to Bitcoin .