SkyBridge Capital founder Anthony Scaramucci has criticized companies that are using debt instruments to acquire Bitcoin. He considers this practice risky and temporary, which could create serious problems not only for the companies themselves but also for the reputation of Bitcoin as the leading cryptocurrency.
This is reported by Business • Media
Scaramucci calls for caution with debt strategies
During a speech at the DigiAssets 2025 conference, Scaramucci compared the current trend of issuing bonds to purchase digital assets to fleeting phenomena in the fashion world. He emphasized that the current popularity of this approach resembles the SPAC boom, which also quickly faded. The businessman warned that blindly following this trend could lead to negative consequences for the entire market.
“I am concerned that a crack may emerge in the system that could disrupt and harm Bitcoin,” the businessman warned.
Differences of opinion with Michael Saylor and market risks
Scaramucci’s main criticism is directed at companies that follow the example of Strategy (formerly MicroStrategy). This firm owns over $62 billion in Bitcoin, and its co-founder Michael Saylor actively uses convertible bonds for new purchases. Saylor believes that Bitcoin’s market capitalization could potentially reach $500 trillion and refers to this cryptocurrency as “digital property.”
Scaramucci, on the other hand, holds a more conservative position. In his view, Bitcoin is akin to digital gold with a maximum market capitalization of $24–25 trillion, which corresponds to the market for physical gold. Despite his optimism regarding the prospects of the first cryptocurrency, the expert calls for a measured approach.
Analysts note that such a strategy carries significant risks. In particular, in the event of a prolonged decline in Bitcoin’s price, companies that use debt instruments, such as MicroStrategy, may face financial difficulties. Although the likelihood of forced liquidation is assessed as low, even a partial sell-off of the asset could significantly impact the entire market.
Companies like Metaplanet and Riot Platforms are already employing a strategy of using debt to acquire Bitcoins. However, Scaramucci is convinced that when the enthusiasm surrounding this trend wanes, the industry may face serious consequences.