But he was scathing about Blackrock founder Larry Fink, JPMorgan’s Jamie Dimon and Berkshire Hathaway’s Warren Buffett and Charlie Munger, all of whom had derided investments in cryptocurrencies such as Bitcoin and Ethereum.
These types of traditional financiers made the decision not to do their homework, or maybe they did their homework, and they decided it was just too big a change for them at this point in their career. .
“There have been pandemics, world wars and genocides and apparently Bitcoin is the worst thing for civilization. Bitcoin doesn’t care,” Scaramucci said of Munger’s comments.
He said investors should get ahead.
“If you’re not long in crypto you will effectively be shorted, why not get ahead of that curve and own some of today?”
He added that since there were 21 million bitcoins of which about 2 million were lost or stolen, but there were 53 million people who were US dollar millionaires. Therefore, the demand would exceed the supply of bitcoin.
“We don’t even have enough coins for every millionaire in the world to own a full one. [Bit]piece of money.”
“I’m just trying to explain to people the elasticity of this and the likelihood of these prices heading [toward] half a million dollars.
Mr. Scaramucci attended Harvard Law School before joining Goldman Sachs. He created a financial advisory company which he sold to Neuberger Berman before founding Skybridge, a hedge fund of funds.
The Mooch, as he is affectionately known, temporarily divested his stake in Skybridge to take on the role of communications adviser to President Trump in 2017, but only lasted 11 days.
He said the day he was dumped by Trump was one of the “most humiliating and brutal experiences of my life”, but he says he has come to appreciate how “the generation current leadership is weak on the Republican side”.
“It’s a very weak leadership, you should beware of it. Because if one of these pranksters comes to the presidency, God help us.
“They’ve already decided they’re okay with an insurrection and with a guy who’s acting illegally – he’s been impeached twice – and is an apologist for Vladimir Putin,” Scaramucci told the Summit.
Mr Scaramucci said Republicans criticized Trump privately while praising him publicly.
“Some of these people are absolutely despicable. Look at a guy like Ted Cruz, for example, or Kevin McCarthy. They’re the pinnacle of democracy.
But he said “the best thing Republicans have going for them are Democrats. These guys are also crazy.
Mr. Scaramucci says he earned a “doctorate on how Washington works” during his brief stint and listed two axiomatic facts about the center of power.
The first point is “follow the money and the second point is that there is $6 billion spent in Washington lobbying Congress for a reason – because it works”.
“There’s a million dollars flowing into the lobby groups associated with cryptocurrency, every single one of them in the room you’re in right now knows what a decentralized self-governing organization is.
“But in Washington they know of something called a DLO, which is a decentralized lobbying organization. These are the 3 million people in the United States who own cryptocurrency.
“Money is flowing and money is going to people who are crypto pros. And so, I predict that this regulation will go pretty well for the cryptocurrency markets, at least here in the United States.
But Scaramucci says cryptocurrencies are a “delayering asset for the economy that can reduce the time and cost of transactions.
“If we can use intermediaries, we can reduce costs worldwide, which would include Salvadoran expatriates in the United States, who now bypass Western Union, and a seven to nine percent fee to send back money to their family members in El Salvador”