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BTC SkyBridge Capital founder Scaramucci uses U.S. debt warnings to support Bitcoin
Anthony Scaramucci, founder of SkyBridge Capital and former White House communications director, used U.S. Treasury Secretary Scott Bessent's latest debt warnings to defend the value of Bitcoin (BTC).
Earlier this week, before the G20 finance ministers 'meeting opened, Bessent told reporters: "The world is drowning in debt, and our only way out is to get out of trouble through economic growth." As the meeting concluded, the finance minister noted that the debt crisis could deter companies from investing. He also added that the meeting laid the foundation for accelerating the sovereign debt restructuring process in emerging markets and aimed to make the process "faster, more transparent and more predictable."
Currently, the U.S. national debt has exceeded the US$40 trillion mark. This situation prompted Scaramucci to turn Besent's debt warning into an appeal for Bitcoin.
Who is Anthony Scaramucci?
Scaramucci is a Wall Street financier who started his career at Goldman Sachs Group. He then founded and sold Oscar Capital Management in just a few years, selling it to Neuberger Berman. He has since founded SkyBridge Capital, a New York-based investment firm that still manages billions of dollars in hedge funds and cryptocurrency strategies.
Although Scaramucci had been critical of Donald Trump, he was appointed White House Communications Director on July 21, 2017, during Trump's first term as president. However, just ten days later, he was fired by the president for criticizing members of the government. Since then, his relationship with the president broke down and turned into a critic of Trump. During the 2024 U.S. presidential election, he supported Joe Biden and later turned to support Kamala Harris.
In addition, Scaramucci is also widely known for his comments on the Bitcoin market. Last August, he warned that Bitcoin could plummet 40% before hitting its long-term target price of $500,000. Although Bitcoin soared to more than $126,000 in early October, as he had previously predicted, the cryptocurrency subsequently fell sharply and fell about 50% below its peak in the months that followed.
Why is Scaramucci optimistic about Bitcoin?
On September 5, Scaramucci posted a post on social media platform X, pointing out that Besent's warning at the G20 meeting that "the world is being swamped by debt" was exactly the core argument of Bitcoin. "Twenty finance ministers just released the best Bitcoin ad of the year, and they didn't mean it."
Bitcoin was launched in 2009 and is the world's first decentralized cryptocurrency, which means it is not controlled by centralized intermediaries such as governments or central banks.
Bitcoin extremists believe that rising debt levels and currency devaluation have further highlighted the value of Bitcoin. When government spending exceeds revenue, debt is created. In response to crises, governments often issue additional money. However, as the money supply increases, its value will inevitably decline.
Bitcoin extremists represented by Scaramucci promote the theory of "currency devaluation transactions". The theory points out that unlike fiat currencies such as the US dollar, the maximum supply of Bitcoin is limited to 21 million pieces, making it an asset with long-term value.
As of writing, according to Decibel data, the transaction price of Bitcoin was US$79,610.
