#695 Owning $1B of Bitcoin w/ Anthony Scaramucci

— Anthony Scaramucci has deployed over $1 billion in Bitcoin across SkyBridge's fund structure, including a dedicated Bitcoin fund (First Trust SkyBridge Bitcoin ETF) and holdings in the $9 billion flagship fund.

— Scaramucci expects Bitcoin to reach $100,000–$150,000 within 12 months, driven by the SEC-approved Bitcoin futures ETF and institutional adoption that follows regulatory clarity.

— The recent Bitcoin futures ETF launch ($570M in opening day assets) is viewed as a regulatory gateway that will unlock institutional participation, though Scaramucci prefers a spot ETF over futures.

— Sovereign wealth funds and RIAs are positioned as the next major adoption cohorts; sovereign funds are beginning to move while RIAs remain hesitant due to fiduciary concerns and client education gaps.

— Scaramucci frames Bitcoin as digital waterfront property and a corrective to monetary debasement; M2 money supply growth of ~40% has created inflation that erodes wage-earner purchasing power while asset holders benefit.

— The conversation emphasizes generational knowledge transfer: younger Bitcoin advocates educating institutional gatekeepers while older investors like Scaramucci bring historical perspective on volatility and psychological discipline.

— Bitcoin currently trading around $65,000; Scaramucci targets $100,000 by end of 2021 and $150,000 within 12 months.

— Michael Saylor reportedly values Bitcoin as a $100 trillion asset (10x gold's current market cap); Scaramucci estimates $500,000–$600,000 per coin once network reaches 1 billion wallets (mid-2025).

— Bitcoin futures ETF attracted $570 million in assets on day one and ~$1 billion in total trading volume (on-market and after-hours).

— Federal Reserve has printed approximately $650 billion in 2021; M2 money supply increased ~40% year-over-year, creating negative real rates (official inflation 5.4%, actual ~8%).

— Gold market cap ~$11 trillion; Bitcoin market cap ~$1.25 trillion—Scaramucci expects Bitcoin to eclipse gold by mid-2025.

— Institutional investors and RIAs can now point to the Bitcoin futures ETF as regulatory validation, lowering fiduciary and reputational risk when allocating even 1–3% of client portfolios to Bitcoin; the approval removes the "too risky to own" objection.

— Size volatility appropriately: position sizing is the primary lever for managing client psychology during downturns; Scaramucci rebalances when Bitcoin positions grow beyond target allocation (e.g., 4% to 20%) to maintain investor discipline across multi-year holding periods.

— Dollar-cost average into Bitcoin rather than timing the market; historical precedent (Amazon IPO: $10,000 → $21 million over 24 years despite eight 50%+ drawdowns) shows exponential network effects reward patience over emotional trading.