Drawing a parallel with the transient trends of the fashion world and likening the current situation to the SPAC boom, Scaramucci cautioned: “I worry that a structural crack will emerge, one that could trigger a breakdown and inflict damage on Bitcoin itself.” His remarks directly address firms inspired by the approach of Strategy (formerly MicroStrategy), whose co-founder Michael Saylor has aggressively deployed convertible bonds to amass a $62 billion Bitcoin treasury.
Saylor, a vocal proponent of Bitcoin as “digital property,” has suggested that the cryptocurrency could eventually reach a staggering $500 trillion market cap. Scaramucci, by contrast, envisions Bitcoin as digital gold, putting its realistic ceiling closer to $24–25 trillion—aligning it with the capitalization of the physical gold market. While maintaining a bullish long-term view, the SkyBridge founder advocates a far more conservative and risk-aware approach.
Analysts echo these concerns. If Bitcoin’s price were to enter a prolonged decline, firms like MicroStrategy could face significant debt challenges. Even if the probability of forced liquidation is low, any major asset sale could ripple through the entire digital asset sector, pressuring prices and market confidence.
The trend isn’t limited to a single firm: Metaplanet and Riot Platforms have both adopted similar debt-driven strategies. Still, Scaramucci cautions that when market sentiment inevitably shifts, the entire sector could face harsh repercussions from this exuberance.
Previously, Strategy reported an additional purchase of 10,100 BTC, further solidifying its status as a leader in the corporate Bitcoin accumulation movement.