10-5-2025 – Bitcoin’s allure is steadily capturing the attention of Sovereign Wealth Funds (SWFs), yet their full embrace of the cryptocurrency awaits clearer regulatory frameworks in the United States, according to Anthony Scaramucci, the founder of SkyBridge and former White House communications director under President Donald Trump. Speaking on Anthony Pompliano’s podcast on 8 May, Scaramucci suggested that these state-backed investment giants are already dipping their toes into Bitcoin, albeit cautiously. “They’re testing the waters, making modest purchases,” he remarked, hinting at a growing but restrained interest.
Scaramucci foresees a transformative shift once the U.S. enacts comprehensive crypto legislation, a development he anticipates could materialise as early as November, based on his earlier comments to the Financial Times. Such regulatory clarity—particularly around stablecoins, custodial roles for traditional banks, and the tokenisation of assets like stocks and bonds—could unleash a torrent of investment from SWFs. “We’ll see substantial commitments, with funds managing tens of trillions snapping up Bitcoin in half-billion or billion-dollar tranches,” he predicted. For Bitcoin to soar to the million-dollar mark, Scaramucci argues, an SWF would need to recognise it as a cornerstone of global financial infrastructure.
SWFs, which steward national wealth derived from sources like oil revenues or trade surpluses, command vast resources. Norway’s fund, the world’s largest, oversees $1.73 trillion, while China’s holds $1.33 trillion, per Visual Capitalist data. Bitcoin, with a market capitalisation of $2.05 trillion as reported by CoinMarketCap, already rivals these titans, underscoring its growing stature.
The prospect of institutional adoption is gaining traction. Cathie Wood, CEO of ARK Invest, recently bolstered her bullish outlook, asserting that Bitcoin’s odds of hitting a seven-figure price by 2030 have risen. “The institutionalisation of this emerging asset class is driving our confidence in its long-term potential,” she noted in February. For now, however, Scaramucci cautions that without legislative green lights, SWFs’ Bitcoin allocations will remain measured, poised for a breakthrough that could redefine the crypto landscape.