Bitcoin Surges Past $100,000 As Sovereign Funds Accumulate

Bitcoin has surged past the $100,000 mark for the second time in its history, reclaiming a level last seen in February. This resurgence has sparked discussions about the increasing interest of sovereign wealth funds in the digital asset. Anthony Scaramucci, the founder of SkyBridge Capital, recently shared insights on this trend during a podcast with Anthony “Pomp” Pompliano. Scaramucci, who has documented his journey from skeptic to advocate for Bitcoin in his new book, The Little Book of Bitcoin, revealed that sovereign wealth funds are already accumulating the asset. These funds are poised to significantly increase their purchases once regulatory frameworks in the United States are clarified.

Scaramucci emphasized that overseas officials are quietly adding Bitcoin to their portfolios even before the U.S. finalizes stablecoin legislation, bank-custody guidance, and broader tokenization rules. He believes that regulatory approval will trigger a massive influx of capital into Bitcoin. “I don’t think it’s going to be a gigantic ground swell of buying until we green light legislation in the United States,” Scaramucci stated. He predicts that once regulations are in place, institutions worth trillions of dollars will start buying significant amounts of Bitcoin, potentially in the range of hundreds of millions to billions of dollars.

Scaramucci views the current discreet allocations by sovereigns as a rational response to an increasingly volatile policy environment. With global supply chains disrupted by tariffs and the dollar's dominance controlling the global economy, officials outside the U.S. are seeking insurance against what Scaramucci calls “executive-policy behavior.” He suggests that the recent record highs in gold and Bitcoin's resilience during stock market slumps are driven by the same instinct for self-protection. While he does not predict that Bitcoin will replace the dollar, he believes that sovereign accumulation is a prerequisite for Bitcoin to reach a seven-figure price tag. Scaramucci expects official portfolios to target 1%-3% allocations in Bitcoin, which could lift its market capitalization towards gold’s $20-30 trillion domain.

Currently, the “digital gold” thesis appears to be holding. While global equity indices have fallen 5%-8% due to recent tariff salvos, Bitcoin has remained relatively stable, underscoring its strength. SkyBridge Capital, under Scaramucci's leadership, has benefited from this trend. He began buying Bitcoin for his flagship fund around $20,000, and the position has been quite beneficial to the fund's performance. Independent fund-database figures show the $1.7 billion vehicle returned 43% in 2024, outpacing its hedge-fund benchmark by more than four-to-one. Scaramucci attributes this success chiefly to the Bitcoin stake, calling it “the best idea I have seen in my career.”

Scaramucci also highlighted the generational shift in asset management. While older asset managers still prefer bullion, younger allocators already treat Bitcoin as an heirloom asset. He predicts that his grandchildren will end up having Bitcoin as a store of value. However, he cautioned that widespread institutional adoption will not occur until the U.S. clarifies its regulatory stance. “If we green-light legislation before the end of the congressional term … then I will tell you that there’ll be large blocks of buying,” he said. Absent that clarity, purchases will remain incremental, but even these incremental flows from trillion-dollar institutions can tally in the billions.