Anthony Scaramucci, founder of SkyBridge Capital and author of the forthcoming The Little Book of Bitcoin, believes the US Senate will approve a 500,000-BTC government Bitcoin purchase. Scaramucci said on the Bankless podcast with Ryan Sean Adams that senior politicians are working to create a strategic Bitcoin reserve, despite the danger to the US currency.
Will Trump Buy Bitcoin?
Scaramucci, who is connected to numerous senators, discussed Senate opinion toward a government takeover of Bitcoin and reported strong support for Senator Cynthia Lummis' measure. The votes are theirs. Hagerty wants. He said McCormack wants it. On whether the Senate would support expanding the government's Bitcoin holdings, he said, “I do think so, yes.”
Senator Lummis proposed buying up to one million BTC, while Scaramucci suggested a different deal. “This stuff gets horse traded, so 200,000 BTC won't be sold—they'll buy 400,000 or 500,000 Bitcoin over time,” he said, without providing a date.
Trump would push for it, and he has the Senate Banking Committee, he said. Tim Scott wants it—he'll head the Senate Banking Committee.”
Scaramucci's words suggest bipartisan support, even though Senator Elizabeth Warren (D-MA) and Senator Sherrod Brown (D-OH) have previously rejected pro-BTC and crypto initiatives.
Scaramucci said that “a lot of Democrats voted for the SAB 121 Bill,” adding, “If you looked at the dispersion of the vote, it was a bipartisan approval of that bill.” By the way, Ryan, Democrats under 60 voted for the measure. Old fossils like Elizabeth Warren and Sherrod Brown voted against it.”
He named Ro Khanna (D-CA) as a Democrat who may favor a strategic Bitcoin reserve. Scaramucci said younger politicians see Bitcoin as “digital gold,” making them more amenable to taking it into government possession.
Scaramucci argues for a strategic Bitcoin reserve by comparing it to gold. Gold reserves in the US are $600 billion. He believed committing a portion of that money to BTC—even selling gold reserves—could strengthen the US economy in a digital age.
“If Bitcoin is digital gold and our Federal Reserve Bank has $600 billion of gold, why can't we reserve $750 million to $1 billion of Bitcoin? Is that what you're saying? he questioned, underscoring this approach's viability.
Scaramucci has BTC and thinks the US might lose a strategic edge if China or other big economies quickly accumulate Bitcoin reserves. He said that a 400,000 or 500,000 BTC acquisition may cost $70–80 billion, or 1–1.5% of a $6 trillion government budget, or 30 basis points over five years.
If you placed me in that position and said, ‘Is it in the United States’ national interest to have a strategic reserve in Bitcoin?’ I agree, Scaramucci said. “I would give three reasons if you asked me why. First, I think it's digital gold. Second, the next generation will be much farther digitally than me. Third, we think the Chinese will purchase Bitcoin, right or wrong.
Critics of a US Strategic Bitcoin Reserve say a large reserve might weaken worldwide faith in the dollar and raise concerns about its backing. However, Scaramucci believes the US can strengthen the currency by being technologically competitive:
He thought, “Maybe because I’ve been in the space longer, I think we’re further along.” We live in a contemporary culture. Trump wants to say something. If we think the Chinese will make Bitcoin a strategic reserve asset, what are we talking about? Buying Bitcoin with a modest fraction of the budget over five years might emotionally boost the dollar and make the US more competitive.
