TechFlow, May 10 — According to Cointelegraph, SkyBridge founder Anthony Scaramucci said sovereign wealth funds (SWFs) have begun engaging with bitcoin, but large-scale allocations will not occur until the U.S. establishes clearer regulation for the digital asset industry.
Scaramucci believes SWFs may follow with major purchases if the U.S. passes stablecoin regulations, provides clear guidance for traditional banks on bitcoin custody, and makes progress in tokenizing stocks and bonds. He stated: "If you want to see bitcoin hit $1 million, that will happen when a sovereign fund says this is part of the world's financial services infrastructure."
Norway holds the world's largest SWF, managing approximately $1.73 trillion in assets, followed by China with $1.33 trillion. Bitcoin's current market capitalization is around $2.05 trillion. ARK Invest CEO Cathie Wood recently said the likelihood of bitcoin reaching seven-digit prices by 2030 has increased.
