SkyBridge Capital founder Anthony Scaramucci cautioned corporations against issuing debt to acquire Bitcoin for treasury reserves, highlighting potential systemic risks to Bitcoin’s reputation and market stability. He characterized debt-financed Bitcoin acquisitions as speculative maneuvers that could introduce vulnerabilities into the cryptocurrency ecosystem.
Scaramucci specifically contrasted his restrained approach with Strategy’s aggressive accumulation of $62 billion in Bitcoin through convertible debt issuance. While Strategy’s high-profile strategy has inspired similar corporate acquisitions, Scaramucci warned it could draw regulatory scrutiny and create unsustainable leverage in volatile market conditions.
The investment veteran framed Bitcoin as ‘digital gold’ with a plausible long-term market capitalization comparable to gold’s $24-25 trillion valuation. This contrasts sharply with MicroStrategy CEO Michael Saylor’s ‘digital property’ thesis projecting a $500 trillion future valuation for the cryptocurrency.
Scaramucci emphasized that extended market downturns could force over-leveraged firms like Strategy to liquidate Bitcoin positions to service debt obligations. Such forced selling would risk triggering negative market feedback loops that damage institutional perception of Bitcoin. He advocated for disciplined corporate treasury strategies to maintain market integrity and prevent destabilizing cascades.