Anthony Scaramucci, founder and managing partner of SkyBridge Capital, expressed his opinion regarding the controversial SBF case.
On October 25, 2023, Anthony Scaramucci, former White House Communications Director and founder and managing partner of SkyBridge Capital, appeared on CNBC’s “Last Call” (hosted by Brian Sullivan) to share his thoughts on the ongoing criminal trial by Sam Bankman. Fried (SBF), former CEO of defunct crypto exchange FTX.
First Impressions
For starters, Scaramucci humorously commented that the main thing he learned from law school was to avoid becoming a lawyer. He added that he felt lucky not to be one.
Next, making an analogy, Scaramucci compared Bankman-Fried’s situation to going down the alpine slide at the infamous Action Park (this was a water and amusement park located in Vernon Township, New Jersey, United States, on the grounds of Vernon Valley/Great Gorge ski resort) without brakes, suggesting the former CEO is headed toward a dangerous situation.
He emphasized that SBF might think it can outsmart prosecutors, but these legal professionals have vast experience and will likely point out inconsistencies in SBF’s testimony. This decision, Scaramucci believes, will only increase the length of SBF’s potential sentence.
Scaramucci expressed concern about the negative impact of this test on the crypto industry. He refuted claims by figures such as Senator Elizabeth Warren that cryptocurrencies such as Bitcoin are being used to finance illicit activities, emphasizing Bitcoin’s transparency. Scaramucci said Bankman-Fried’s actions have cast a shadow over the industry, but he remains hopeful that these challenges will soon pass.
Sullivan and Scaramucci also discussed Michael Lewis’s recent book (“Going Infinite: The Rise and Fall of a New Tycoon”) about Bankman-Fried. Sullivan says that although SBF seemed like a modest person who often wore shorts and T-shirts, the impression he got from reading the book was that SBF was an arrogant person who thought he was always the smartest person in the room.
Such arrogance could be the reason SBF is willing to testify at his own trial. Scaramucci said that Lewis never thought SBF was arrogant when he was writing the book (which he started before the collapse of the FTX empire).
Changing Public Perception
Scaramucci noticed a change in public opinion on Bankman-Fried. Previously, SBF was seen as a generous individual committed to donating his wealth to effective altruism. However, the co-conspirators’ revelations painted a different picture, hinting at deceit and malevolence. Scaramucci regretted having introduced Bankman-Fried to influential figures, such as heads of state, having previously believed in his good intentions. Scaramucci stressed that good scammers are usually experts at deception.
During a recent discussion on the “OPTO – Invest in Innovation” podcast, highlighted by The Block, Scaramucci expressed strong positive sentiment towards Bitcoin. He envisions Bitcoin evolving into a monumental $15 trillion asset, potentially eclipsing gold in its role as a store of wealth. However, he remains skeptical about it replacing traditional currencies as the global monetary standard.
Scaramucci highlighted Bitcoin’s inherent value and emphasized its potential to outperform gold. He noted that with Bitcoin’s finite supply of 21 million coins, its market capitalization could equate to a staggering price of more than $700,000 for each coin, a sharp increase from its current trading price of around $35,000.
Scaramucci revealed that while he remains bullish on the cryptocurrency, he does not foresee it becoming the dominant global currency. On a broader geopolitical scale, Scaramucci addressed the idea that nations resisting U.S. policies could lean toward trading Bitcoin or gold-backed digital currencies.
By Audy Castaneda
