In short
- Anthony Scaramucci from Skybridge Capital criticized companies that issue debts to buy Bitcoin for their business treasury, and called it a risky trend that could harm Bitcoin if it comes out of fashion.
- The attitude of Scaramucci sets him at odds with Michael Saylor from MicroSstrategy, whose company has used convertible debt to build a Bitcoin treasure box of $ 61.9 billion and inspired other companies to follow the example.
- While both men are bullish on Bitcoin, Scaramucci sees it as “digital gold” worth $ 24-25 trillion versus Saylor’s look at it as “digital ownership” that may be worth $ 500 trillion.
Skybridge Capital may invest in Bitcoin, but the founder of the company Anthony Scaramucci is “not a fan” of companies that give the playbook of the strategy to debt BTC for their business reserves.
Respond to a question about Bitcoin Treasury companies that issue debts to buy BTC, Scaramucci stated that he ‘was not in love with it’, during a keynote interview on the Digiasets 2025 conference. “That feels like spacs, that feels like things that happen in our industry where you are excess,” he said.
“I’m afraid that there will be a crack in that, that will really come back and Bitcoin hurt,” he added.
He compared the enthusiasm to become Bitcoin Treasury companies to shift tailors in the fashion industry.
“The skirts go up, the skirts go down; the lapel wider, they narrow,” he said. Although issuing debts to buy Bitcoin “a hot thing to do now”, Scaramucci added: “It will get out of fashion and it will hurt Bitcoin.”
That attitude places him at odds with strategy chairman Michael Saylor, whose company has aggressively a Playbook to use convertible debt to acquire BTC, while he benefits from the momentum of his own share course during the bull markets. At the moment, strategy is on a BTC treasure box with a value of around $ 61.9 billion, according to Bitcoin Treasuries.
Although companies such as Metaplanet, Mara and Riot Holdings have adopted the playbook of the strategy, it has not been without criticism.
In a recent research memorandum, the Swiss Digital Activabank Sygnum marked the risk of a “very harmful signal on the market” If Bitcoin experienced a long -term decline and strategy was forced to liquidate part of his BTC Holdings to cover debt obligations.
And although analysts at the Kobeissi letter stated earlier this year that structural guarantees make a forced liquidation scenario for strategy “very unlikely”, they marked the risk that “long -term weakness to fulfill obligations could put pressure.”
Scaramucci and Bitcoin
While he shares Saylor’s Bullish Look at Bitcoin, Scaramucci takes a more cautious picture of his likely price valuation. “For me it is digital gold – so I think it will act in the market capitalization of gold,” he said.
“If Michael Saylor was here, he would say:” No, it is a digital property, it will be tied to the rest of the world, “Scaramucci added.” He thinks it’s an active $ 500 trillion. I think it is an active $ 24 or $ 25 trillion. “
Published by Stacy Elliott.
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