Fund of Hedge Funds Buys $25 Million Bitcoin

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An award winning fund of hedge funds with nearly $8 billion in assets under management has launched a bitcoin offering for sophisticated investors. According to a filing with the Securities and Exchanges Commission (SEC), the SkyBridge Bitcoin Fund L.P. established this month as a limited partnership aims to promote Pooled Investment Fund Interests in bitcoin. They have already bought $25 million worth of bitcoin according to SkyBridge’s Anthony Scaramucci, with the minimum investment being $50,000. “You either have to accept that Bitcoin is a store of value or not,” he told CNBC in an interview before adding: “After doing the research, we believe it is. And given the monetary supply and the global central banking coordination right now, this will be a very strong asset class over the next decade.” As a fund of hedge funds, SkyBridge usually has shares in hedge funds and thus benefits from their performance, but…

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