SkyBridge Capital founder Anthony Scaramucci has renewed his long-term Bitcoin case, arguing that the asset’s path to $1 million is rooted in monetary theory rather than headline price speculation. In a widely shared post, he said a U.S. dollar bill is only linen and cotton, yet people accept it because they trust the system behind it. Bitcoin, he wrote, has spent 16 years building its own trust system, one that is decentralized, lacks a central authority, and has no single point of failure.
His thesis centers on trust, scarcity, and utility
Scaramucci’s argument is that Bitcoin is not merely competing with gold. He says it can surpass gold on key monetary characteristics. With a fixed cap of 21 million coins, a Bitcoin price of $1 million would put the network’s total value at $21 trillion. By his framing, that figure would still sit below the estimated value of all gold ever mined, while Bitcoin remains easier to move and easier to store.
He also pointed readers to Niall Ferguson’s The Ascent of Money. The book argues that money does not derive value from the material it is made of, but from shared belief in a financial system. Scaramucci’s point is that Bitcoin has been constructing exactly that kind of trust architecture over the past 16 years, without government backing or a central issuer.
Wall Street activity is part of the evidence
To support the case, Scaramucci cited Morgan Stanley’s move into the Bitcoin market and Goldman Sachs’ filing for a Bitcoin ETF. He presented those steps as signs that the institutional thesis is no longer theoretical. In his view, when two of the world’s most powerful investment banks start adding Bitcoin exposure to their product lines, the market conversation shifts.
He also said Bitcoin is now part of the model portfolio for individuals and institutions worldwide. That claim, he suggested, describes what is already taking shape rather than a distant possibility.
SkyBridge keeps its 2032 target as critics push back
SkyBridge Capital has previously set a $1 million Bitcoin target for 2032, linking that projection to the 2028 halving cycle. Scaramucci has also disclosed that 70% of his personal wealth is held in Bitcoin, and that he has kept buying during the current drawdown.
Not everyone accepts the thesis. Economist Tony Annett has argued that Bitcoin still falls short on the three classical tests of money: medium of exchange, unit of account, and reliable store of value. The disagreement remains active. Scaramucci’s case rests on a simple structure: decentralized trust, institutional adoption, and fixed supply.