Anthony Scaramucci, founder of the investment firm SkyBridge Capital, criticized the current trend among companies to issue debt securities for the purpose of acquiring Bitcoin. In his opinion, this strategy is a temporary fad that could lead to negative consequences for both businesses and trust in the leading cryptocurrency.
This is reported by Finway
Doubts About the Sustainability of the Trend
During his speech at the DigiAssets 2025 conference, Scaramucci drew an analogy between this trend and fleeting fads in the fashion industry, also mentioning the “SPAC boom,” which has already left a significant mark on the financial sector. He emphasized that the current wave of bond issuance for Bitcoin could end with a sharp decline that would hit the market hard.
“I worry that a crack may emerge in the system that could cause a failure and harm Bitcoin,” the businessman warned.
Discussion on Michael Saylor’s Approach
Particular criticism has been directed at companies that follow the example of Strategy (formerly MicroStrategy) under the leadership of Michael Saylor. This company actively uses convertible bonds to increase its Bitcoin holdings, owning crypto assets worth about $62 billion. Saylor believes that Bitcoin could become a “digital property” with a market capitalization of up to $500 trillion. Meanwhile, Scaramucci shares a more cautious view, estimating Bitcoin’s fair value within the range of $24–25 trillion, which is closer to the market capitalization of gold.
Analysts support the billionaire’s cautious stance, highlighting the potential risks for companies that use borrowed funds to buy Bitcoin. In the event of a prolonged decline in the asset’s value, firms like MicroStrategy could face serious debt challenges. Even a partial forced liquidation of cryptocurrency could destabilize the market.
Among the companies that have already implemented similar strategies are Metaplanet and Riot Platforms. However, Scaramucci warns that if the trend loses popularity, the industry could suffer significant financial losses.