The Co-Chief Investment Officer at SkyBridge Capital believes that Bitcoin (BTC) and Ethereum (ETH) would be the leading assets in terms of a store of value. Furthermore, he opined that the primary cryptocurrency would become the main financial instrument for transaction use.
Bitcoin and Ethereum as Store of Value Assets
Despite the ongoing crypto market downturn, SkyBridge Capitals CIO – Troy Gayeski – praised Bitcoin as an asset class and highlighted its benefits. In a recent interview for Bloomberg, he reminded that SkyBridge Capital invested not only in the primary cryptocurrency but also in Ethereum. In his opinion, the two largest digital assets will be the most preferred options for stores of value in the future.
Additionally, Gayeski agreed that BTCs fiat currency price is volatile but raised hopes that it will eventually become the “market leader in terms of transaction use:”
“It's going to be a volatile asset but it continues to be very non-correlated. And we think the risk-reward is now skewed again to the upside.”
The Bitcoin proponent finds the current supply shock at the crypto market very similar to what happened in October and November 2020.
“When you look right now at the on-chain data what is basically telling you is a lot of the strong holders are reasserting themselves and accumulate from those that got into the market late last year.”
Gayeski also explained that SkyBridge Capital is always looking to generate returns that are differentiated from equities and fixed income, and that is why it chose to invest in the crypto market. Moreover, the CIO asserted that the institutional adoption cycle for BTC continues.
Other Opinions on BTC's Future
Nearly a month ago, the founder of SkyBridge Capital – Anthony Scaramucci – expressed another bullish point of view about Bitcoin's prospect. Back then, he predicted that its fiat currency value would reach new heights in the next 24 months:
“I‘m very confident that we’ll be sitting here a year or two from now and talk about this volatility, but also be amazed at the upward trajectory of BTC over the next 24 months.”
The legendary investor Ben Miller also shared his thoughts on the current landscape around the primary cryptocurrency. The billionaire reminded that the asset was created during times of deep economic crisis to combat the financial setbacks. However, he could not give a straight forecast of whether it will be a lasting store of value as many experts on both sides present solid theses:
“Bitcoin was born out of the 2008 crisis and was designed to be free of government control and manipulation, to be the ultimate in an inflation proof asset. It is an open question if it will be an enduring store of value, with many strong opinions on both sides.”