Founder of Flyover Capital: The Fed system is facing collapse

Written by Mlixy; Source: W3C DAO

Bitcoin is a decentralized digital currency that is not controlled by any government or institution, but is supported by an open, transparent, and immutable ledger of transactions. The total supply of Bitcoin is finite, only 21 million, which makes it scarce and inflation-resistant. Bitcoin is considered an innovative, disruptive, revolutionary technology that has the potential to change the future of money and finance.

Skybridge Capital is a hedge fund firm with $3.5 billion in assets under management, nearly half of which are crypto-asset-related. The company launched a Bitcoin fund earlier this year and currently manages $310 million in Bitcoin assets.

The company's founder and CEO, Anthony Scaramucci, is a strong supporter and advocate of Bitcoin.

Anthony Scaramucci worked in Goldman Sachs' investment banking, equities and private wealth management division from 1989 to 1996. After leaving Goldman Sachs, he founded Oscar Capital Management and in 2005, he founded investment firm SkyBridge Capital.

On July 21, 2017, Scaramucci was appointed White House Director of Communications.

In a recent interview, Scaramucci shared his vision for the future of money, highlighting the transformative power of bitcoin, which he believes could reach a market cap of $15 trillion.

Scaramucci noted that the Fed is doing well, but there are fundamental problems in the U.S. financial system, mainly because of the depreciation of fiat currencies. He worries that government spending exceeds revenue and that borrowed money must be repaid in more dollars, potentially triggering a recession. Therefore, he believes that the Fed is in trouble under a broken system.

He proposed Bitcoin as a solution because it is an immutable, scarce asset with a transparent ledger of transactions.

Not only that, he said, unlike other assets, given the fixed supply of bitcoin, you can't eliminate the value of bitcoin through inflation. Bitcoin may be the only asset on the planet that is in high demand but whose supply cannot be increased. In addition, he has invested hundreds of millions of dollars in the cryptocurrency space, including holding Bitcoin on SkyBridge as well as his own personal balance sheet.

"[If] your demand for gold is higher, we will build more mines." But the supply of Bitcoin is finite forever. ”

Scaramucci predicts that bitcoin will become a store of value asset, potentially more valuable than gold. He firmly believes that despite the problems in the US financial system, the bitcoin market capitalization is expected to reach $15 trillion.

In addition, he discussed the challenges of repairing the system, stressing that this requires long-term planning, and that American politicians lack comprehensive long-term planning in this regard. He believes that other countries, such as China, have clearer and more comprehensive plans for the future.

No one knows where the price of bitcoin is headed, but Scaramucci stressed that gold rises when investments pour into gold-backed ETFs. Similarly, a similar trend may occur when financial institutions venture into Bitcoin through ETFs.

Scaramucci added that if a Bitcoin ETF allocates $100 billion to Bitcoin, the price of the cryptocurrency could reach $150,000 or $250,000.

Scaramucci isn't the only big name bullish on Bitcoin's prospects. Microsoft founder Bill Gates, PayPal co-founder Peter Thiel, Twitter founder Jack Dorsey and others have all expressed their appreciation and support for Bitcoin. As more and more institutional and individual investors flood the crypto market, the price of Bitcoin continues to climb.