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According to a recent report by Bloomberg, Chief Investment Officer of Skybridge Capital Troy Gayeski noted that Bitcoin (BTC) still has more upside potential than gold. He added that while he expects both assets to rally over the long term despite the Fed’s move to taper asset purchases, his hedge fund will stick with Bitcoin.
While acknowledging the significant volatility BTC has over gold, Gayeski noted that “you’re going to capture a little bit more juice than you will in gold from that same phenomenon.”
At press time, BTC trades around the mid-$35,000 area, after recording an all-time high near $65,000 in April.
Skybridge released its Bitcoin fund in December 2020 with a decent sum of $25 million. By the time it gained public recognition in January 2021, its assets under management had spiked to $310 million. The Skybridge Bitcoin Fund is a Bitcoin-based hedge fund focused on institutional investors. Fidelity Digital Assets acts as the firm’s BTC custodian, while Ernst & Young acts as its auditor.
Gayeski revealed that Skybridge Bitcoin Fund is up by 51.2% as of June 1, from its launch in December last year.
The founder of the firm, Anthony Scaramucci, recently predicted that the price of BTC would hit $100,000 by the end of the year due to heavy demand and thinning supply.
Key Bitcoin Levels to Watch — June 8
BTC has traded on a roller-coaster momentum since yesterday, following a market meltdown, which shaved $6k ($37k to $31k) off the cryptocurrency over a few hours. However, the benchmark cryptocurrency has rebounded halfway to the $33,750 level as BTC recovers from oversold conditions.
That said, we expect to see a slight consolidation below the $33,750 level over the coming hours, followed by an upwards surge towards the $36k axis.
Meanwhile, our resistance levels are at $33,750, $34,200, and $35,000, and our key support levels are at $33,000, $32,400, and $32,000.
Total Market Capitalization: $1.53 trillion
Bitcoin Market Capitalization: $631.9 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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