Speaking at DigiAssets 2025, Scaramucci compared the current rush for Bitcoin-backed bond issuance to fleeting phenomena in the fashion industry and likened it to the transient SPAC boom. “I worry that a structural fault could emerge, causing a breakdown that would hurt Bitcoin itself,” the financier warned.
His remarks come as a direct challenge to the high-profile strategy of Michael Saylor’s Strategy (formerly MicroStrategy), which has become the poster child for leveraging convertible bonds to amass a $62 billion Bitcoin treasury. Saylor famously claims that Bitcoin could achieve a $500 trillion market capitalization as “digital property,” but Scaramucci offers a more conservative outlook.
“I see Bitcoin as digital gold, and its realistic ceiling is in the $24–25 trillion range, mirroring the total market value of physical gold,” Scaramucci stated, maintaining a bullish stance but rejecting the more extreme forecasts that dominate some corners of the crypto industry.
Market analysts echo his concerns, noting that if Bitcoin’s price were to enter a prolonged downturn, leveraged firms like MicroStrategy could face significant debt challenges. Even if the risk of forced liquidation remains low, any partial asset sale could send shockwaves throughout the entire digital asset market.
Several other firms, including Metaplanet and Riot Platforms, have recently followed a similar path, raising funds through debt issuance to expand their Bitcoin reserves. Yet Scaramucci warns that when the “fashion changes,” the crypto industry may be left to pay a steep price for this leveraged enthusiasm.
Previously, we reported that Strategy recently acquired an additional 10,100 BTC, underscoring the ongoing appetite for corporate Bitcoin accumulation.