Last week, Skybridge Capital launched a new Bitcoin (BTC) investment fund. The multibillion-dollar U.S. hedge fund revealed it already invested $25 million in its new fund. CEO Anthony Scaramucci told CNBC Tuesday that investors will be able to participate starting January 4. He noted Fidelity Digital Assets will serve as the "back office" and storage mechanism. He also claimed that Skybridge is running a full Bitcoin node. Scaramucci explained his fund's structure will give investors exposure to Bitcoin's net asset value while avoiding the high premiums of the Grayscale Bitcoin Trust
Here is the rest of the week in review:
Ricardo Salinas Pliego, Mexico's second wealthiest individual, revealed that Bitcoin is his best investment ever. The billionaire founder and chairman of finance, media, telecom, and retail conglomerate Grupo Salinas told Cointelegraph that he bought his first BTC stake in 2013 around the price of $200. He said he then sold the position in 2017 around $17,000 for an eye-popping return. But he noted he returned to buying BTC after the 2018 crash for a lower price, and now he holds 10% of his liquid portfolio in the coin. He added he does not plan to sell his position in the near future: "I want to sit around for another five or ten years." Salinas explained he appreciates Bitcoin's property as a store of value, especially in Latin America where many countries like Argentina and Venezuela struggle with rampant inflation. He also praised crypto's advantage of being digital and difficult for authorities to confiscate.
Turkey plans to conduct a digital currency pilot in the second half of 2021, the country's chief central banker Naci Ağbal told the Parliament Friday. According to Turkish media, he stated: "There is an R&D project initiated on digital money. Currently the conceptual phase of this project has been completed. We aim to start pilot tests in the second half of 2021." Ağbal's unexpected comments place the NATO member country on the fast track to a central bank digital currency (CBDC). The statement was a surprise because the Bank for International Settlements (BIS) does not even record Turkey as having an active CBDC project. Yet Turkey is now attempting to overtake many better-known CBDC projects, including those in Sweden, China, and the Bahamas, which have progressed to the pilot or soft launch phases. Turkey's central bank did not disclosed details about its CBDC project, though local media noted it is searching for research and development experts in big data, blockchain, cryptography.
Crypto prices soared to $719 billion this week, thanks to Bitcoin's meteoric surge past $25,000 and Ethereum's (ETH) breach of $700. For the majors, Bitcoin and Litecoin (LTC) led the gains, while Ripple (XRP) cratered and Chainlink (LINK) fell. In the top 100, the biggest losers were XRP, down 49%, The Graph (GRT), down 35%, and HedgeTrade (HEDG), down 21%. The biggest gainers were Zilliqa (ZIL), up 79%, Theta Fuel (TFUEL), up 72%, and THETA, up 52%. Next week traders will see if Bitcoin extends its monster rally.
The author owns a small amount of BTC and LTC.
