The Bitcoin Crash Today was a 'Massive' Distraction | Anthony Scaramucci

What I do like is what I know about Washington, and that is that people are policy. If you say to me what is the policy of the Trump Administration, well, who are the people? And if we go down the list, categorically, these are pro-Bitcoiners.

I think in the first 100 days, Trump is going to want to tell people you're okay with your Bitcoin, I'm protecting your Bitcoin. How low could Bitcoin go in the short term? So that's another reason why I think there's a sturdy floor to Bitcoin. And the altcoins with the most potential in the long term, Solana, my price target is 2,500. And best crypto investing strategy in 2025, where I have really screwed up on my career. Click the like button right now to support me and let's start.

Well, listen, we've had an awesome move. I mean, who's kidding who? I probably owed Donald Trump a Christmas gift. Him and I don't talk anymore, so I didn't give him one. But you know, he came in July, you were there, I was there. He gave a speech about crypto. He was a little funny and flipping at the end, you remember the speech, but he said, 'Go have fun with your Bitcoin,' or something like that. And he's not, in my mind, knowing the family for three decades, he's not the Bitcoiner in that family. And so the Bitcoiner in that family, the real disciple, the fully orange-pilled person, you know, Trump is painted orange, but Eric Trump is orange on the inside. Okay, he is a full-on... he's almost like a Bitcoin maximalist. You and I have other coins, that's why you're called Altcoin, but he is a... he sees it. And I got the chance to see Eric's speech in Abu Dhabi at the Bitcoin conference in Mina, and you know, he sees the opportunity, the long-term opportunity. So I can't predict Bitcoin markets near-term. I made a very silly mistake a few years ago, Austin, where I said, okay, if Bitcoin's 69,000 and the futures just got approved, it's November of 2021, well then, knowing what I know about administrative law, the cash or spot ETF for Bitcoin will be approved in February of 2022. And I got that wrong because of the arbitrary, capricious nature of Gary Gensler and the menacing nature of their anti-crypto stance for no reason. It cost them the House, it cost them the Senate, cost them the American presidency. The Democrats got destroyed, and even their own consultants and political analysts now say, what value was it to be so anti-crypto? What vote did we gain? What electoral vote did we gain? The answer is no votes. In fact, you knocked Sherrod Brown, who was a three-term veteran chair of the Senate Banking Committee, you knocked him back into Ohio with your silliness and your nonsense. So when I make predictions now, I'm always thinking about those rock slides that happened to me in 2021. But what I do like is what I know about Washington, and that is that people are policy. If you say to me what is the policy of the Trump Administration, well, who are the people? And if we go down the list, categorically, these are pro-Bitcoiners. Howard Lutnick at Commerce, Scott Bessent. Scott gave a beautiful interview before he was named or nominated to be the Secretary of the Treasury about Gensler, and he was very honest about it. He said, you know, these guys were tight with Sam Bankman-Fried, they were tight with Sam Bankman-Fried's parents. Sam Bankman-Fried blew up, and in order to shield themselves from a potential attack due to their closeness, they went super hard indiscriminately at an industry for personal political reasons to eclipse the news stories around them being so close to the Bankman-Frieds. And I said, wow, Scott really gets it. I mean, he really understands where we are. So when you step back and you look at it, and you look at Paul Atkins at SEC and Trump himself, I think there's going to be three or four big things that happen, and I think there'll be three or four pieces of legislation that happen. And I'm not going to say that Bitcoin is going to go straight up in 2025, but could Bitcoin have a $200,000 handle by the end of the year? Yes. Could we have a stop at 70 on the way there? Certainly, because that's the nature of Bitcoin and the volatility of Bitcoin and still the lack of understanding. You know, I have a buddy of mine, he's my age, his name is Cliff Asness. He just put out a research report, he's running billions of dollars, and he said, this is a research report from 2035, and Bitcoin is at $10,000. It peaked at $250, it's now $10,000, and all Bitcoin is is financial blather and computers turned on 24/7. It has absolutely no value, but there's still cultish stalwarts that are in Bitcoin. Okay, so a guy like him, as smart as he is, to say that tells me three things. Number one, he hasn't studied Bitcoin. Number two, he has no real understanding for that network, he has no real understanding for the advancement of that network. And then the last piece is that he missed it. Okay, sometimes when people miss things, they dig in rather than flip over and say, hey, you know what, Bitcoin's really going from 100 to 200,000, I got to own some Bitcoin. You miss something, you get emotionally charged and you get defiant, you start pissing into the wind, if you will. But what these guys miss, I just want to finish on this point, I want you to think about this because what year were you born, Austin? 1990. 1990. Okay, so I'm going to take you back to your eighth birthday, and chances are in your house somewhere there was a fat box computer. Chances are your mom had a disc, a CD-ROM from America Online, and she put it into that computer to get an AOL account, and you would download that server, search engine, if you will, and you either got to the internet through Netscape, Internet Explorer from Microsoft, something like that, AOL, Vista. And the internet in 1998 was very, very clunky. It was new. There was a book seller called Amazon, he was selling books on that internet. And what if I came to you from 2025, 27 years later, and I beamed into that living room that you were living in, I talk to you and your brother and your mom, and I said, guess what, you know this clunky nonsense known as the internet, we're going to stream, billions of people are going to stream 4K video over this clunky thing known as the internet. Your download speeds are going to be instantaneous over this clunky thing known as the internet. We're going to have Wi-Fi everywhere. There'll be handheld instruments that are personal computers in your hand where you'll have access to the Library of Congress and all of the world's information at your fingertips. And oh, by the way, there'll be trillions of dollars, trillions of dollars of commerce, and that book seller, that book seller is going to be a $3 trillion company because it's not just going to sell books, it's going to sell A to Z, it's going to sell everything. And so what we sometimes do is we see something today, and I would make the argument that Bitcoin is in its immaturity. You say, well, how could it be in its immaturity? It went from 0.1 cents to $90,000 or $100,000. How is it immature? It's immature because it's only saturated by about 5 or 6%. We're in the 90s, we're in the 1998, 1999 period of time in a comparison. And so what happens to these things is they get exponentially better as they get adapted. The speeds, the transferability, you've got something, you've got a piece of software and a network that's going to allow us to transfer value for goods and services in a permissionless way. And yet you've got people that are my age that are railing on it, still don't understand it because they haven't done the homework on it. So that's what's going to cause a lot more of this volatility as we ascend upward.

Well, Paul Atkins has more of a frontline impact. So Paul Atkins can review the cases that, in my mind, were erroneously prosecuted, and he can withdraw those cases or restyle those cases. Paul Atkins has the opportunity to do what the SEC should do rather than have regulation by enforcement. Paul Atkins can say, okay, I've talked to people on this staff, I've talked to the industry, I've talked to members of the Congress and their staff, and I've synthesized these rules. Here are the rules, and here is the road map that I would like the cryptocurrency industry to follow. And of course, the cryptocurrency industry would have a chance to review that road map and say, yes, and this is an agreement with everybody. How do we ferret out criminals? How do we ferret out fraudsters? How do we make it fair and safe for people? And then bring that to the Congress and ask the Congress to vote on it and put it into law and ask the president to sign it. So he has this piece right there. Sacks is in a different position. I see Sacks as an offensive coordinator. Okay, I see Atkins more as a quarterback. He can execute the plays, he's on the field. But I see Sacks, he's up in the tower, you know, he's overseeing the field. And I see David in an advisory role, a coaching role. I see David seeing five or six things hit the desk of the president, helping the president figure out which of those things is the most important for the industry. I see Sacks, because he's a technologist, big owner of Solana by the way, and I see him as somebody that understands the process of real-world asset tokenization and how important it would be for the United States to lead that. And so he can have a big impact, but those are two different jobs. Awesome. From a governmental perspective, one is frontline, throwing the ball down the field to get it in the red zone. The other one is, okay, here are the plays, here's the priorities, here's what I'm going to bring to the president's desk to make it his priority to push the agenda.

Well, here's what I would say. I think it's the great wave of this cycle. So what I mean by that, if these bull runs are on four-year cycles and then they have sort of a corrective year, if you will, before they start another bull run, it's a great wave of this cycle, but it's not the last wave. Because if you're 6% saturated, you could easily see lots of big waves. You know, there's a reason that Bitcoin should get to $800,000 a coin, and the answer of that is gold. If you believe, which I believe, that Bitcoin is a form of digital gold, it is a form, a store of value like gold. It's also, could be through Stacks and the Lightning Network, a transferable unit of value between all of us. There's no reason why it couldn't trade to the market capitalization of gold. And by the way, it's 0.1% of global assets today as a percentage of assets. So if it gets there, it's like 1%, 1.5% of assets. I mean, it's nondescript. You know, gold has an important function in our society, Austin, but it doesn't run the society, it doesn't move the markets. Okay, you're centered on Bitcoin, I'm centered on Bitcoin because we're in the industry, but it's decent and it's very small relative to the overall market capitalization of the world. So to me, yes, I think this could be a very big bullish year. I think you probably could get a correction as you go into another halving cycle, but I think there's a big run-up. I think the run-up starts again, you know, maybe we go to 250, maybe we correct back to 150, and then we're on our way to 500 or 800,000. You know, you tell me though, you know, the government is a big beast. You know, the government controls a lot of capital and can incentivize capital. If you say to me, hey, it's January 20th and Donald Trump has signed an executive order through the Dollar Stabilization Act to mandate that the 200,000 tokens, 200,000 coins that are on the balance sheet of the U.S. stays on the balance sheet, and there's a mandate for the Treasury to buy another 300,000 tokens over the next three years, you're going to push the price up of Bitcoin and you're going to cause a daisy chain reaction that'll cause our economic competitors around the world, our economic allies around the world to start buying Bitcoin as well. So I'm assuming that doesn't happen. Could happen, but if it doesn't happen, I think you get naturally to a 250-ish thousand rise from here over the next 12 to 24 months.

Yeah, so again, it's a prediction, okay? And I, you know, I get, you know what I love about X is that it's become more of a right-leaning social media platform. I'm a centrist, so I tell people the truth what I think about different politicians, so I get lit up left and right. So I just want to be very clear on this podcast, this is a prediction based on my conversations with people like Senator Lummis, who's making this proposal, Tim Scott, who's now going to be the chair of the Senate Banking Committee, Republicans and Democrats that are younger than me. I'm talking about if you're in your 40s and your 50s or younger, you're a Bitcoiner or you're a digital asset person. I do find, particularly for Democrats, if you're 70 or above, Elizabeth Warren, i.e., you're anti-crypto for whatever reason, you're just too old to really understand it or you're not willing to teach yourself new tricks. So I believe that there is a big enough group of people, and I believe the combination of legislation and executive action gets you some Bitcoin exposure on the balance sheet of the U.S. government beyond what we already have. And so is it what Lummis wants, a million coins bought over three to five years? I don't know. I mean, 200,000 coins a year sounds like a lot. I don't know, at the time that she made that proposal, Bitcoin was at 75,000. She was like, okay, for 75, 80 billion you can buy a million coins. It doesn't work like that. You know, it doesn't work like that. If they make an announcement and they legislate that, that coin's going to pop, and they may or may not get there. And there may be a regime change from Republicans to the Democrats, it could slow it down. I don't know, but I do think it's going to happen. And I do think it's going to happen not to the scale that Lummis is saying, but I do think could happen to the... we're at 200 and we could get ourselves to 500.

Yeah, that's a good question. So I think it's inside of the Congressional term of two years. I think in the first month you get some executive action from Trump, and I think in the first month you get some ex-SEC clarity. Okay, I think in the first 100 days Trump is going to want to tell people you're okay with your Bitcoin, I'm protecting your Bitcoin, and I'm also not going to impose a digital dollar on my watch. I'll do everything I can to stop that, so that this libertarian idea that's represented by these assets stays in place. Those are the things. But listen, I try to be, as you know, no one's objective, I'm not saying I'm objective, I'm a subjective person, but at least I'm a straight shooter. Those are things I like about Trump. In July of 2024, the Winklevosses gave me a pat on the back. I was on a stage with Dan Morehead from Pantera, Gary Cardone. I said, listen, you have to applaud Donald Trump for embracing this asset. You have to applaud him for having the instincts to understand that this is an asset that we need the United States to think about in order to maintain its mantle of financial services leadership. We need a president, we need an SEC, we need a Congress to help foster and grow this industry. And so there's things about Trump I dislike, but that's not one of them. I applaud him for that. And I'm surprised actually, and I will be forever surprised by this for that matter, that the Democrats didn't reverse course after he moved in that direction, because it was a zero-sum game for them at that point. You know, if you looked at a game theory model, Trump is pro-crypto and so are the Republicans, they're gaining votes from that. You're anti-crypto, you're not gaining one vote from that, if anything you're losing votes to the Republicans. You could have equalized that by saying, hey, my name is Kamala Harris and I am from Silicon Valley and I am pro-crypto and I disagree with Elizabeth Warren of my party. But she didn't do that. It cost her the election. I absolutely believe they lost the House, they lost the Senate. There are 50 million Bitcoin or altcoin wallets in this country, and a lot of those people are single-issue voters, and it was a big 'f you' to the Democrats.