Scaramucci Dismisses Concerns Surrounding Saylor and MicroStrategy, Says Bitcoin (BTC) Crash Fears Are Exaggerated

Anthony Scaramucci, founder of SkyBridge Capital, has dismissed concerns surrounding Michael Saylor and MicroStrategy Inc.

Anthony Scaramucci has played down concerns about Michael Saylor and MicroStrategy Inc (NASDAQ:MSTR), saying that fears of a potential collapse due to Bitcoin’s BTC/USD volatility are overblown.

In an interview on Friday, Scaramucci highlighted Saylor’s long-term debt strategy as an indication of MicroStrategy’s resilience.

"People think if Bitcoin crashes, he is going to implode," Bloomberg quoted Scaramucci as saying during the interview. "But if you really study his balance sheet, he has long, long-term debt, and he has rolling long-term debt. You'd have to have a systemic collapse in Bitcoin lasting six or seven years to flash him out."

MicroStrategy’s aggressive bet on Bitcoin has fueled a 400% surge in its stock this year, with the company financing purchases with billions in convertible debt.

The company currently has $7.2 billion in outstanding convertible debt, including $6 billion raised in 2024 alone. Some have expressed concerns that Bitcoin's price drops could prompt MicroStrategy to sell its holdings, further depressing prices, but Scaramucci dismissed this narrative.

"The narrative of him being forced to sell hundreds of thousands of tokens into the market, I think it's a forced narrative," he said, comparing MicroStrategy's structure to that of Lehman Brothers during the 2008 financial crisis.

MicroStrategy is a top holding of the First Trust SkyBridge Crypto Industry and Digital Economy ETF, which is sub-advised by SkyBridge Capital. Scaramucci praised Saylor's innovative approach, saying, "He's created this positive flywheel by issuing debt and equity."

Bitcoin has recently retreated from an all-time high of $108,000, pulling back amid profit-taking and market volatility. Scaramucci anticipates potential corrections in the 30-40% range, which could bring Bitcoin's price to $60,000-$70,000.

Despite this, he remains bullish on Bitcoin's long-term trajectory, pointing to favorable regulatory developments and U.S. exchange-traded funds investing directly in the cryptocurrency.

"Could it get to $18 trillion dollars in market cap?" Scaramucci speculated. "We believe that it could. Is it a direct line to $18 trillion? No."