Anthony Scaramucci in The New Frontier: “Bitcoin will only go up from here.”
A Christmas Special with the former White House Communications Director and founder of SkyBridge
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For crypto-bulls and tech enthusiasts at large an amazing year draws to a close. Bitcoin broke the $100k barrier, AI applications continued to go wild, and tech companies even tightened their grip on the global economy. Yet this newsletter is not about the past, but always about the future. So today we will venture an outlook to glimpse at what 2025 and beyond holds for the tech world. To do so, I talked to none other than Anthony Scaramucci.
Most people know Scaramucci as a millionaire financier and former Donald Trump White House Communications Director. But he is also the founder and managing director of the global alternative investment firm SkyBridge Capital and one of the most influential Bitcoin-advocates. Scaramucci is also a prolific writer. Just this month he published The Little Book of Bitcoin: What You Need to Know that Wall Street Has Already Figured Out. I reviewed his book in the last Money Book Circle, so if you haven’t read it yet, make sure to check it out here. It is one of the best crypto books of the year and definitively worth a read.
I talked to Scaramucci about how he sees the future of Bitcoin, how far its parallels to gold really go, and what he thinks about the proposal of a strategic Bitcoin reserve. He also told me how he feels about the FTX meltdown and what it meant for the industry. And finally, never shy of predictions, Scaramucci shared what he believes Bitcoin holders should do, now that the king of crypto has reached its most consequential all-time high yet.
Igor: Congratulations on your new book The Little Book of Bitcoin. It is truly a valuable guide to anybody who invests or ponders investing in crypto assets. Is there any particular takeaway you would like to stress?
Anthony: When I sat down to write this book, my goal was to demystify the crypto markets. There is a lot of confusion and misconceptions about the industry, and I wanted to create an approachable introduction for beginners and lend my expertise to other (potentially new and existing) Bitcoin enthusiasts.
The biggest takeaway from the book is that Bitcoin and blockchain technology are here to stay, so it is imperative for all investors to understand its long-term potential.
Igor: For a long time Wall Street was bullish on blockchain, but skeptical of crypto-assets. When and why did the change of heart happen?
Anthony: Wall Street has steadily been showing interest in cryptocurrencies since 2017, so it’s hard to pinpoint an exact moment when there was a change of heart. The main factors driving Wall Street’s interest now are because the crypto market is maturing and we are about to head into our first crypto-friendly administration in the US.
Igor: On the campaign trail there was talk about creating a strategic Bitcoin reserve. Do you think that is a good idea or could it endanger the pre-eminence of the US dollar?
Anthony: The crypto industry is only going to continue to grow, and the US has been slow to accept this. Creating a strategic Bitcoin reserve would signal the government’s commitment to innovation and solidify our position as a leader in the global financial industry. I am very much in support of this idea.
Igor: Some of the biggest blows to the crypto-industry in the past came with frauds and scams, in particular the FTX fiasco. Have transparency and oversight since then improved sufficiently to prevent further major players from imploding in a similar fashion?
Anthony: While I wouldn’t want to relive it, I don’t regret it. The collapse of FTX allowed the crypto industry to weed out the scams and frauds, and ultimately emerge stronger. It has made us focus on utility and hold ourselves more accountable to ensure something like that never happens again.
Igor: One piece of advice you give with regards to your Bitcoin is to “act like you are dead and don’t touch it.” Why is that the best strategy?
Anthony: Bitcoin will only go up from here. 2024 saw us hit $100K, and I believe that this is just the beginning.
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So good, almost too short.