The Pomp Podcast - #695 Owning $1B of Bitcoin w/ Anthony Scaramucci

Episode Date: October 21, 2021

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cosmos.network.com. All right, let's get in this episode with Anthony Scaramucci. I hope you guys enjoyed this one. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. We have Anthony Scaramucci with us right now. The greatest show on turf. Anthony, are you there? I am. I appreciate you including me, guys. I'm sorry. I'm a couple of minutes late. You're not late. I already told him I

screwed up. I screwed up. It's big to be on with you, as you know, and I'm listening carefully to the conversation. And I can just give my two cents. The people that don't understand it, they will trade it. And the people that understand it are going to hold on for dear life because they recognize that they've got waterfront property. They've got waterfront, irreplaceable digital property that's going to appreciate for generations. And so they're not going to trade it. But I think your point is well taken that there will be professional traders that trade this thing and they'll take their profits. And even my close friend, Jim Cramer, several months ago, you may have remembered this, Pomp. You got him into Bitcoin. You helped me get into Bitcoin,

which I want to thank you for. But Jim said he sold it to pay down his mortgage. That's what old fogies like me and Jim Cramer do with money. The mortgage is at 1.8%, 1.9%. And the inflation rate is at 8%. But we're buying down our mortgages because that's what our parents told us to do because they lived through the depression you know of course new it's a new world now we're going to talk about bitcoin actually i'm glad that you're doing this from your office because the table right behind you is where you and i first talked about bitcoin so we'll get to that in a second i'm going to grab that coffee now that i see the money all right you got pants on i'm gonna caffeinate you got the pump and it looks like i got little pumps

i'm the only baby boomer here you guys i gotta get ready for the first question i see in the chat is do you have pants on i do i swear to god i got a big meeting this afternoon with one of my clients and i'm in the office amazing if this was my home office i'd be wearing my 1981 phys ed champions phys ed shorts i'm actually i'm actually in brioni which is a sign of how poor i am it's only billionaires like you guys that dress like, are you allowed to curse on his pomp? I can't remember. Yeah, you can say whatever you want. Yeah. I mean, I mean, look at the way you guys dress. I mean, you know, this is a sign

that you guys are billionaires and I'm out here, you know, slapping for a living. Yeah, my brother does have sandals on. All right. Let's talk just kind of macro environment and kind of monetary policy. You said that the inflation rate is eight percent. The Fed says that it's 5.4 percent. I tend to think you're closer. Explain why you think it's eight and they think it's five. Well, I mean, the transitory number was eight. You know, let's give them whatever they want. You want to say it's five. That's a ridiculous number. That means you're in negative rate territory in the United States. That means you're in my intellectual mentor. Paul Tudor Jones is reporting this morning what you and I both know, the obituary for the 60

40 portfolio has already been written. And now the question is, what are we going to do? Where are we going to go? And you discovered before I did that there are digital hard assets that are going to replace fiat assets, because unfortunately, like Nakamoto said, 11 or 12 years ago, we corrupt those assets. And so you caught me in this room on your earlier versions of your podcast where we were talking about the history of money. I wasn't yet in Bitcoin, but I was indicating to you why I was moving that way because we've now jumped the shark

to use a happy days expression on money. If you've made, and you know these numbers, Bob, because I follow you on Twitter, you tell me, what's the M2 up, 40, 42%? Oh, 40%, yeah, 40% or so. Yeah, let's just call it 40 for the sake of this argument, okay? what amount of money has been printed. Well, if you look through the Beige Book, it was $592 billion at the end of May. I can only guess because I haven't seen the recent number,

but I'm going to say it's close to, I don't know, $650 billion has been printed by the Federal Reserve this year. So that's going to show up in the inflation data. That's killing the people in our family that didn't get educated or don't own Bitcoin. I'm from a family of immigrants, as you know, Italian immigrants. My dad was a crane operator. A lot of my contemporaries, my cousins are clamming in Oyster Bay. They're cutting deli meat. They're installing auto glass. They can't catch up with this nonsense. You and I can own assets. Our assets are going to appreciate that our standard of living will be just fine. But if you're a wage holder, and the Federal Reserve is printing $700 billion of money, you're screwed, Pop.

And I told you that when we first met, when they broke the contract with gold in 1971, they slowly eroded middle and lower middle class living standards. And now we're living in an age of populism, economic desperation for a large group of people, which used to be economic aspiration and we've weakened the society. So when you see something like Bitcoin, you're like, oh my God, this is a technological innovation, which can actually be a store of value for those people, can help the underbanked and could literally transform the world. And if we get this thing right and it exponentially networks to the billion plus users that you and I both think we'll get to, well, then hold on, it's going to check, it's going to hand check the

bankers, the central bankers, they're going to be forced into a box of fiscal responsibility and conformity. Because if they don't do that, there's another option for human beings, aka Bitcoin, or you pick one of the other cryptocurrencies that you like, but you get you get the point that I'm making. For sure. And one of the things I don't think people really appreciate, well, there's two points with you, right? So one is you're a student of history. I remember when we did the podcast, you laid out the history of money better than anyone. I walked out of there and I said, I don't know how that guy remembers all that information, but he's like an encyclopedia.

The second thing is that when you decided to actually enter the market, I believe you guys bought $400 million of Bitcoin was kind of the first foray. You have a very good memory. Yeah. Is that correct? All right. Yes, that is correct. And so we are sitting on a little over a billion dollars of Bitcoin.

to your brother's comment. We've had to sell some because in our fund. Now, I have a core Bitcoin fund, the First Trust Skybridge Bitcoin fund. That's a total huddling situation. I've got a lot of money in that personally. But in our flagship fund, sort of the $9 billion that we're running, we started with $400. Would have loved to have left it, but I can't be in a situation in the flagship fund where Bitcoin is eating up the whole fund. So I took some out of there. We sold some. But we're going to leave it for right now. It may trade back to $50,000. I don't know. What I do know, though, is it's likely to get to $150,000 over the next 12 months. I'm going to stick with my earlier price target that I shared with you on our SALT talk when you

did my podcast. I think it's 100,000 by year end. And I just think it's that because there's now a gateway opened, guys. You know this, Anthony, a gateway opened yesterday where an institution can now say, I can buy this. You know, if you're a vaxxer or an anti-vaxxer, some of my friends say, well, I'm not getting vaccinated until the FDA approves the vaccine. And so that sort of metaphorically happen for Bitcoin. You got an approval from the SEC. Bitcoin lives in the financial regulatory ecosystem, and it's not going anywhere. And now that portal is open for a sophisticated early adopting institution to say, it's okay for me to step in the water here. I'm not going to get fired if I own this thing. So one of the things that's really interesting

is that you manage billions of dollars. You've been doing this for quite a long time, very successful at doing so. You don't normally strike people from the crypto community as why would Anthony Scaramucci and SkyBridge be participating here? And when I talk to you, I think that you see kind of the writing on the wall, right? The world is shifting to this new digital economy. And it feels like, based on what I know, that you're taking SkyBridge and kind of slowly starting to say, hey, look, we want to include this in kind of the aperture of what we look at. Is there a world where SkyBridge ever goes all in on Bitcoin and cryptocurrencies? Or Or do you think that having a parallel strategy is kind of the winning strategy?

And I'm as in as you can be, you know, I'm going to be 58 years old in January. I'm pretty in, right? I mean, I got a billion dollars of this stuff and I've legged in. I've got a ETF. Those are for my fuddy-duddy friends. You remember there's FUD, which is fear, uncertainty and doubt. And then you've got fuddy-duddies, which are these old people that won't own Bitcoin. I created CRIP for them, CRPT, Trades on the New York Stock Exchange.

It's a crypto proxy, effectively. It's, you know, MicroStrategy and Coinbase and Marathon. And so it has unbelievable correlation to Bitcoin. I've raised an Ethereum fund. I think, you know, I have an investment in Algorand, which I think is a fascinating technical property. But I'm all in. We've got almost a billion dollars in Bitcoin. I wrote a book. And again, Anthony, this is an international bestseller. And if you don't believe me, you can come into my warehouse back here at SkyBridge, where I've bought every share or every book to make sure it was. I mean, come on. No one's ever bought one of my books. So I'll tell your listeners my email. OK. OK. It's a Scaramucci at SkyBridge dot com. If you want a copy of the book, you're listening to the POMS podcast, I'll mail you one. Ascaramucci at skybridge.com.

It's a short little pamphlet, but it'll explain it to your parents. OK, it'll explain to your parents what it is. And the subtitle is how I stopped worrying about cryptocurrency. And you should, too. So I'm all in it. It took me longer than you because I'm an institutionalist. I said to you in our first podcast, 100 million wallets, a place where I can store it and not worry about it because I'm going to be in deep, you know, with nine figures, if not 10 figures. And then the third thing is, what's the regulatory landscape? Is the United States going to accept this?

And so last year, right around this time, all three of those things seemed like they were going to happen. and so then we started buying those coins and we're in and i expect our business to continue to morph into more digital assets but you asked me a really good question that i want to answer how does an old fart like me see it and the answer to that is i have to listen to young farts like the three of you and and i think we make a very big mistake generationally if we're not listening to each other. Like you guys could avail yourself to my experience dealing with volatile markets,

dealing with the ups and downs of entrepreneurship, the humbling nature of life. Like if you're having a bad day, think of my ass getting fired from the White House in July of 19th, you know, July of 2017, July 31st, as an example, right? And so you can learn from me in terms of how to roll with the punches

and bounce when you need to. but I can learn from you where the future is going. Because you and your team, the best business show, Anthony Pompliano, you guys are creating the future that my children and grandchildren are going to live in. And if I close my mind to that, if I act like the 97-year-old Charlie Munger and I say, oh, it's the worst thing that's ever happened in civilization, that means I've lost my neuroplasticity and I've lost my ability to adapt and learn. So my message to everybody listening, everybody watching you, we can learn from each other. Let's not close our minds and reconfirm our biases. Let's open our minds and let's test our theories on each other. And, you know, I want to say thank you to you. I was with Michael Saylor yesterday. I thanked him. I want to say thank you to you. You were very influential in helping me see what was going on in the blockchain and in Bitcoin.

I appreciate it. You taught me plenty. Don't you worry. I should be thanking you, not me, not you thanking me. Talk to me about institutional interest and what you're seeing in terms of kind of your peers or colleagues and what they're thinking about the asset class. So people get mad at me, Pom, because they ask me honestly, and I say, I don't see it. I've got my guys out here saying, yeah, what are you doing? Why are you telling people that there's no interest in the institutional community? And I'm like, because I don't see it. If I saw it, I would say it. I want to be straight up with people, you know? And I thought there was going to be way more institutional interest at the beginning of

the year, January 2021, than manifested. But now I'll make a bold prediction, Anthony. I think there's going to be institutional interest over the next 12 to 18 months because you now have gotten the regulatory box checked. And that checking of that box is going to lead to institutions saying, hey, I got to get in this thing. I've got to own a piece of this. I've got to understand it. And what would George Soros say? He would say, invest and investigate later. You've heard that aphorism. And I think you're now going to start to see it, but I didn't see it over the last eight or nine months. And that's just me being straight up with you, Ant. How do you think about the ETF launch yesterday? It's got $570 million of assets at the end of the day yesterday, did about a billion dollars in kind of on market and after hour trading. Does that start to signal that

there's more institutional interest, or would you be surprised if there wasn't more than that? So I think two things are happening. Okay. Number one, people are wading into the ETF. You know, it's a futures ETF. So there's some issues there. I don't want to bore everybody with the specifics there, but I would prefer a cash spot ETF over futures. I understand why Gary Gensler, Commissioner Gensler went in that direction, but there's two things going on. people are buying the ETF, but you've got institutions now calling NYDIG, calling Galaxy, calling Gemini and Fidelity and saying, okay, I want a wallet. I want to store some Bitcoin on your premises or Coinbase institutional, you know, and that's happening. My friends have said

to me, where are your coins stored? Can you refer me to somebody where they want to buy the direct coin now. So you've got two things happening. Money's flowing into the ETF. That's fantastic. But money's also flowing into the asset directly in the cash market from these institutions. Joe, John, what questions you guys got? Hey, Anthony, thanks for doing this and nice to meet you. Is that a pause where you wanted him to say something? No, I thought he was going to say this. Or the older pomp or the medium pomp? I'm the middle out of us three. All right. So you're the you're the mama bear pop. I don't know if I like that, but all right. All right. We'll let it slide. All right. As someone who so Bitcoin historically has been a pretty volatile asset, obviously. Right. As someone who has dealt more with maybe traditional equity markets or things like that and manages billions of dollars for clients. How do you get individual clients comfortable with that volatility? um well you have to size it appropriately so that's one of my issues in my core fund if i

put a four percent position and the and it grows to twenty percent i have to probably scale it back so that i can calm down my investors so what i tell people if you're a bitcoin maximalist come into my bitcoin fund if you're in my other fund let me size it appropriately because it will be volatile. But you guys know this, but I think there's some historical perspective necessary to share here. All these Medcalf law network effect investments, they start out in the early adoption phase with mega volatility. Why? You've got all the fuddy-duddies and the ancients shorting it, disbelieving it, shorting Tesla, shorting Amazon. Amazon's going to miss its number. It's 1999. Let me short the goddamn thing. And they create the volatility. Same

thing happens in Bitcoin. We hit an air pocket with Elon Musk in China. Bitcoin's at $65,000. It's at $29,000. I've got clients lighting me up. And you guys know this. Everybody's a long-term investor until they have short-term losses. When they have short-term losses, they set their hair on fire, they run around in a circle. And so one of my jobs is to be the financial and psychological coach. I've got to tell people, calm down, stay the course. We have a five-year plan or a three-year plan. And I'll just point out, because I think it's worth mentioning, if you were an early investor in Amazon, just think about this for a second. The IPO of Amazon, May 15, 1997, a $10,000 investment is now worth $21 million, $21,140,000. However, you would have

had to subject yourself to eight periods of time where it dropped at least 50%, one period of time where it went down 85%, and the Barron's newspaper had a front page article, Amazon.bomb, the age of this internet retailer is over. But the cat that made Amazon, Jeff Bezos, he shot himself into space in his own rocket. Okay, so what do you guys want to do? Do you want to be patient and look at something like Bitcoin and see the exponential growth of wallets and the scale and understand the value of the network effect of those properties associated there with and stay patient and watch Bitcoin eclipse gold in terms of its market capitalization? Or do you want to trade it and get juked out of it at the wrong moment and do what

non-psychologically minded investors do is they sell lows and they buy highs. And so to me, I got to get in the face. I got to get in. I have to grab the face mask of my clients and pull them close to me like a good coach and say, stop it. Get your emotions out of this thing. This is a revolutionary asset. This is digital waterfront property. This is digital energy that is going to transform the world. And over the blockchain, we are going to de-layer our society. We're going to take third party intermediaries out of the society. It'll be a cost savings. It'll be ecologically friendly. There'll be quantum benefits associated with this.

And you can own a piece of this property today at a very attractive price. This is you and me, Pomp, going to Miami Beach in 1921 and buying oceanfront property. Facts. So I have one more question. It sounds, you mentioned that you think Bitcoin is going to overtake gold, right? So Bitcoin's market cap, I believe today is like one point one and a quarter trillion, one point two five trillion. And gold is around 11 trillion. So do you have any estimates or kind of, you know, how long you think that might take to happen?

You know, it's a very good question. I'm just checking markets right now. Yep. And, you know, I would say. Realistically, if you've got to, in my opinion, you've got to get to a billion wallets. And so, you know, I'll go with Cathie Wood's estimate. Cathie is saying to people end of 2024, mid 2025, you'll be at a billion wallets. And so if you think of the scarcity of Bitcoin, I think it would be worth probably five or six hundred thousand dollars a coin by then. And, you know, there you go. That's where it is. By the way, I'm sure you've had sale, Ron. If you haven't had them on, you can get them on. Yesterday when I spoke to Michael, you know, he doesn't think this is a $10 trillion asset. He thinks it's a $100 trillion asset. He thinks this is at least 10 times more valuable than gold. And, you know, Anthony's heard me say this. One of my Saudi friends said to me, Anthony, when people ask you, is this more valuable than gold or not? Tell them this story. I said, what is that shake? He said, well, right now, MBS loves me, but there may come a day where MBS doesn't love me.

I have a USB with two hundred million dollars of Bitcoin. And since this is a family show, I won't tell you where the shake suggested he was going to put the Bitcoin as he headed for the Yemeni border. OK, but he can't put two hundred million dollars of gold in the place that he was describing to me. But he can with Bitcoin. Exactly. So you get the point I'm making. And so therefore, the technical properties of Bitcoin, the network effect is actually way more valuable than gold. So I'm I'm an institutionalist, guys. You guys are younger than me and smarter than me. I've got to get my clients over the hump of owning digital property. Okay. You guys are already living in that world. I've got to get the 60 year old to say, whoa, whoa, whoa. I've

got guys like Jamie Dimon telling these people it's worthless, you know, and that that's not helping me in my, you know, Larry think, well, I'm sort of siding with Jamie Dimon. Okay. But then my attitude is, well, these guys obviously haven't done enough homework because somebody like Ray Dalio was a Bitcoin skeptic. He did the homework. He's bought Bitcoin. Paul Tudor Jones, a skeptic, bought Bitcoin after doing the homework. So I'm just telling people, do the homework, you know, and if you do the homework, you're going to want to get long some of this in your portfolio. John? Yeah, Anthony, thanks for doing this. Nice to, a nice version to meet you. So I love how you talk about the emotional side of things when stocks and assets are going

John, I need one of those hats though, but I'm hoping that when you mail me that hat, it says Bitcoin 150,000. But anyway, I'm sorry. Go ahead. Yeah, no, you're good. Yeah. When assets are going up, people don't think it's going to stop. And when they're going down, they say they're never going to go back up again. So you got to take the emotional thing. That's why people hire you. So can you talk about the ETF stuff going on? When do you think a spot ETF will be approved? Do you think only one will be approved? Like, can you just talk about the regulations behind all that and what Gary you think is thinking? So I'm sort of not allowed to talk about it because I'm in the quiet period because I have filed.

OK, so what I can say is something I think Gary Gensler would appreciate is regulatory oversight on pricing and the surety and accuracy of pricing. And so, as you guys know, one of the criteria for ETFs is that there really can't be any pricing manipulation. or any securities in there that a whale can come in and, you know, force the thing down or force it up by reducing supply. And why Gary likes the futures market, he was the former chairman of the CFTC. Bitcoin futures have been around and regulated by the CFTC for many years. And he's confident that you don't have any of that going on in the futures markets. So it's not to say that he's not confident about it in the cash markets, but I think he needs to figure out a way to have more regulatory oversight over the cash markets. And so when that actually happens or

when that step takes place in his mind, in the commission's mind, I'm not sure. But if you're asking me, do I think it will happen? I do think it will happen. I think Gary has signaled to people that he does not want the United States to lose its mantle of financial leadership. He doesn't want us to turn off the best ideas in fintech and DeFi. Just imagine the United States at the turn of the 20th century saying, oh, that combustion engine and that horseless carriage. We're not into that. Let's let the Europeans build those and let the Asians build those. We're going to stick with the horse and carriages. OK, so what I applaud Gary Gensler in doing is saying we're moving into the future. We're probably going to get

dragged into the future by a younger generation of people. And I'm OK with that. I just got to make sure that the pricing mechanisms are fair and safe and market based. Does that make sense, Joe? Yep. Mooch, I got a question that I don't want to ask you something that you're not allowed to talk about, but what's going on with sovereign wealth funds? Any insights that you can share in terms of, it feels like- Yeah, that's non-regulatory stuff. I can totally- All right. So it feels like we had individuals, they front ran Wall Street institutions, et cetera. Then we started to get the institutions, those institutions were financial institutions and corporations were public and private. Insurance companies.

Insurance, yeah. Corporate balance sheets. That cohort base is now in and getting in. The last two are nation states and sovereign wealth funds. We know that El Salvador is obviously in. There's probably some other countries the United States doesn't like as much that are doing things, just not announcing it. The sovereign wealth funds, a lot of people haven't been talking about them. So what's your thoughts there? Any insights that you can share?

Yeah, they're coming. The sovereign wealth funds are on the way. Some of them have already established small stakes in them. I'm making a trip next week to the Middle East. I'll be speaking at the FII conference in Riyadh. I have a whole slate of meetings with different sovereign wealth funds related to this topic. I think that they're open-minded. You know, I will share this with you.

I can't give you the name of the fund, but I have one Middle Eastern sovereign wealth fund that's a big investor of mine, and they really wanted to redeem on me when I made the Bitcoin investment. And I begged them to be patient. I begged them not to. And then, of course, Anthony, what happened was Bitcoin went from 65,000 to 29,000. And I have to confess to you that the heat was on me. And I went over there to see people and I said, please, you know, you know, be patient. Here's how we're thinking about this. And yesterday I got a call from the head guy and he said, you know, I just want to thank

you for bringing me into the future. I now see what you saw and you were bold enough to do that for me. And he said something interesting. I'll share with you. He says, you know, you've got these art consultants and Joan Whitney Payson, who owned the Mets, her daughter once said, well, God bless our art consultant, because there was an artist that cut his ear off named Vincent Van go. And we bought the art for $300,000. And in 1987, we sold it for 41 million, which was a big number back in 1987. And she was like, well, thank God for that art consultant, because he saw something in that artist that was going to manifest itself into the future. And that's what you're doing with the best business show, Ant. That's what you Pomplianos are doing. You're showing

somebody something that's happening. And because it's hard to believe, and I'll say something to you that it sounds too good to be true, so they don't want to do it. And when you're an old guy like me and somebody says, well, something that's too good to be true, you run. You don't want to do something that's too good to be true, but let me show you something that's too good to be true. this. See it? This is too good to be true. Okay. That eats up the world. It takes all the books in my library, all the photographs. I've got access now to all the information. Let me ask you something. Would you like to roam the library Congress or have my smartphone to do a research report? What would you like to do? Would you like to go to the Dewey Decimal System

in the library of Congress? Or would you like my smartphone fully charged for the day? What would you like? For years, I've always thought the Dewey Decimal System was stupid. Yeah. All right. But the point I'm making is this phone is too good to be true. And the market capitalization of Amazon or Apple, too good to be true. $10,000 going to $21 million in 24 years, too good to be true. So this is technical properties that are happening before our eyes. and we either have to accept and embrace them and be willing to propitiously allocate to them. So let's say you don't believe me

or you don't believe Anthony Pompliano. How about a half a percent of your portfolio? How about 1% of your portfolio? You know, plan B, I think you've interviewed him, Pop. Plan B said to me on my podcast, if you took one cent and you put it in Bitcoin 10 years ago and you had 99 cents in cash, And that was your asset allocation. That was your tactical asset allocation model. It outperformed everything. Everything. Okay, so guys, put a half a percent in. Put a percent in. This is the early innings of a technological revolution where the blockchain and things like Bitcoin are going to de-layer the society.

If I were American Express or Visa, I'd be worried because the transaction speeds per minute over the blockchain are way faster. It's way cheaper. Why do I have to, as a merchant, accept a 3% charge 10 years from now? Why will I have to do that if everyone's got a smart wallet and a smartphone and some interoperability on the internet over the blockchain? Why would I have to do that, guys? You're not going to have to. obviously right well no no more see aunt you don't remember this you you kids are italian kids but i'm going to set you in 1985 probably before the three of you were born i'm waiting in rome at

the post office to get to a phone booth to connect to an at&t operator to call my mother okay to let her know because i could call her once a week it was three dollars a minute i could get her on the phone to let her know I'm okay. So waited online. I got into the phone booth, AT&T operator. Here's my credit card. Hi, ma, I'm okay. $10 phone call for three minutes. Fast forward, we're doing this costless over the internet, right? I can log onto a wifi in an Italian cafe, make a internet phone call to my mother for no charge. That's what's going to happen to financial services. It's happening right now. Okay. You just happened to be at the forefront of it. I'm a little bit farther behind from you, but trust me, I'm catching up and I'm just trying to educate my

clients that that's what's happening. Okay. Yes. I made that phone call because that's all we could do back in 1985. But today I can talk to her over Zoom costlessly. She loves you. I already know. I don't even have to talk to her. She's an Italian mom. She loves you. Hope, hope, hope to God, man. I renovated the house. A good Italian son's supposed to do, you know what I mean? I pay for the Gucci, you know, shoes. I hope she loves me. All right. Last group I want to talk to you about, and then I'll let you go is RIAs.

We saw interactive brokers just announced that they're going to start letting people buy it. There's companies like OnRamp and a bunch of other options. The ETF now is available. Are RIAs, can we put them all in one big bucket? They're coming. they're in, they're not interested. You know, when you talk to that sector, what's their status? They're scared. They're scared. They don't want to miss it. They don't understand it. They are in the business of what I call it the stay wealthy business, Pop. You know,

somebody comes to me, I'm an RIA, they sold their business, they're wealthy. My job is to keep them wealthy, right? I've got to figure out an asset mixture that gets them ahead of inflation and they can still buy art at Sotheby's and I got to put them in some private equity and get them some growth. But what I don't want to do is make big mistakes and embarrass myself because then they'll fire me. If I make sure that they stay wealthy, I keep my job and I stay hired. You see what I'm saying? And so they're afraid. And so they are behind me because it's sort of like self-conscious embarrassment. If I put 3% of your portfolio in Bitcoin, it goes from 66,000 to 10,000. And you're going to look at me and say, well, why the hell did

you do that? Because their clients don't really understand Bitcoin. And so they're afraid. So what happened yesterday is transformational because now they can go to clients and say, okay, listen, this is a technical asset. It is a technology that represents a networked value, and it's an evolution on money. you and i talked about that the first time we met we had wampum we had seashells we had cloth you know we had uh you know this this money that we call paper money is actually not paper money pump this is made out of linen okay look at this okay this is for your viewers you know what this is those are italian those are italian singles pop you see that those are italian singles see those right all right and because i'm old-fashioned i always gotta have money on me. You never know when you're going to need the money to cut and run somewhere, right?

So look at this. This is a piece of fabric. It's 75% cotton. It's 25% linen. It's worthless, Pomp. You know that and I know that. But it's got numbers on it and it's got an old dead white person. We only have white males on our money, by the way. And we're going to trade this with each other. Why? We trust this. We trust that the next guy that takes it is going to be able to trade it for goods and services. You see what I'm saying? So now what you create is, Satoshi Nakamoto created, is a trusted network where we don't even have to use this anymore, or we don't even have to use the bank. We can use that trusted network, that decentralized internet highway system. Do you see how brilliant that is, guys? I mean, I know you guys see it, but I'm trying to

impress it upon the people that are listening to you because you got the best business show and they want to learn from you. So I'm trying to explain to them, we're moving from this and we're moving from a magnetic strip known as a credit card in your wallet. And we're moving from those electronic digits. If I want to buy a G-Wagon tonight, I call Chase, I say, wire 200 grand over to the Mercedes and the G-Wagon shows up. But those electronic digits are worthless other than the fact that they're a ledger. They go down in my account, up in the Mercedes-Benz account. I got the G-Wagon. All right. How is the Bitcoin anything different from what I just said? In fact, if anything, my God, it's audited. It's audited by a decentralized

nodal system and it's airtight and it's a fixed supply. You tell me what I'm missing, Bob. You tell me what I'm missing. Invite somebody on like Peter Schiff, who's, you know, which for the non-Italians, that's like a chicken running in somebody's head. He doesn't even know what he's talking about. And I'm trying to be polite to the guy when I debate him, but what are you talking about, Peter? All right. Before I was going to let you go, i gotta ask one question you brought up a g-way anything what anything you want anything you want i'm i'm finally caffeinating so i'm i know i felt like i know you guys felt i was a little under energized for this no no no you're you're always bringing energy what's the craziest thing

you've ever bought like what like you just you look back and you're like man that was nuts whatever the thing you just thought of that's what i want to hear you got to understand this so you got let me stipulate okay i'm nouveau riche italian right my dad was a crane operator my mother was a homemaker. When I got into Harvard Law School, Anthony, my mother thought it was Hartford Law School. She had no clue. She was ready to take me to Hartford, Connecticut. I'm like, no, Ma, it's in Boston. Well, why the hell would they call it Hartford Law School if it's in Boston? Because it's called Harvard, Ma, right? I mean, that's the family I grew up in. So I had no money as a kid. When I started making money, the stupidest thing I bought was

the batmobile from the 1992 batman returns movie starring michael keaton michelle pfeiffer and danny devito and i owned that for about 10 years and i used to put the bat outfit on and drive it around on halloween with my kids okay and by the way it wasn't you couldn't drive the thing there was no license plate or anything like that it was a it was a prop car and i used to bottom out everywhere in port washington when i was driving around in it but there was a propane tank in the back you could flip the switch and the flames would shoot out of the back it was it was effing fantastic italians love cars okay so now you know now now i have the garden variety lamborghini because i love cars i mean what am i gonna do of course i'm gonna have a lamborghini when i was

when i was a kid i had a 1979 camaro and someday i said yeah i'm gonna make some money and i want a Lamborghini. And so I eventually bought one, but, uh, about 15, 16 years ago, uh, I sold that it's now in a museum in Abu Dhabi at their automotive museum, but it was a lot of fun to own it for the years that I had it. That might be the best answer I've ever got to that question to have the Batmobile that shoots out fire is incredible. It was, yeah, it was hooked up to you. You had to make sure no one hit anybody rear-ended you. It was going to be a really bad you know it was not it was not road appropriate but i did drive it around in my hometown on halloween with the batman outfit on you you gotta send me a picture of you in the batman

outfit you just just i gotta i gotta find you know it's i gotta find them back then we didn't have smartphones so i'd have no idea where the hell these pictures are i'd have to find them awesome uh i've dropped your uh your twitter account go follow anthony on uh on twitter absolute great follow you got a million followers by the way that is a a big feat what did you start the year at well no look i you know i think that was from the politics to be candid you know um but uh i don't even know what i started the year at i don't look at it that carefully uh but listen you know i think uh i think you're gonna be uh the 10 million follower man before long. You and Plan B are going to be the two Twitter heroes of Bitcoin. I'm a little bit

too political. I want people to get vaccinated. I think Donald Trump is completely nuts. So I'm going to be a little bit more opinionated than you. Forget all the politics for a second in terms of the different parties. I do have to say, you gave the greatest press conference performance of all time when you hit everyone with the finger gun here in the White House. I told you this before. The kiss. I blew the kiss to everybody. Like, like still to this day, I think of that and I'm like, you know, the point, the point is they're asking tough questions. I'm giving them tough answers. I'm not going to sit there and get rolled by anybody, you know, and, you know, I know my facts and I'm coming to play

and I could have helped Trump. But, you know, I made a mistake. I got myself fired. That's another big lesson for people. I never blame my firing on anybody but me. I got myself fired. I said something which was really effing funny, but inappropriate. And I got fired. Let's move on. General Kelly and I are great friends today. He fired me. He's been to my SALT conference three times. We've done public speeches around the country together. And life moves on. When you make a mistake, the number one lesson as an investor or a person is forget it. What are you going to do? You're not going to walk around with the millstone of regret on your neck every morning. I don't wake up in the morning and say, let me kick myself in the pants. I did something

stupid that got my ass fired at the White House four years ago. I said, today's a brand new day. Let's go. What do you say, Pomp? Seize the day. Let's get after whatever you say every morning. That's what we got to do, right? Relentlessly get after things and be in love with life. And if you're taking yourself too seriously, you look in the mirror, relax. What does Mel Brooks say? relax. None of us are getting out of here alive. Okay. You're not living forever. I mean, you may end up in the singularity because you're younger than me, but I doubt it. You'll be in a grave. So go have a glass of scotch and relax a little too, you know, and buy some Bitcoin. Perfect. And buy some, but you gotta, you gotta own Bitcoin. Bitcoin is going to be a big part of

the future. And I hope, I hope your, your people are listening to you, Bob and your brothers. I, uh, I appreciate it very much. Where can, uh, if people want to learn more about Skybridge, where should we send them? Well, you know, you can go obviously to skybridge.com. You can email me. I gave out my email, right? It's a Scaramucci at skybridge.com. I'll send you a packet of information. We could set up a call, whatever you guys want to do. I I'm happy to get these books. My assistant's ready to kill me. I got all these books loaded up in our, our storage facility. I'm happy to send those out. You just let me know. I'll mail, I'll mail you one. If you're one of Pomp's friend. You're one of my friends. Anthony Scaramucci, author of a New York Times,

but no, I don't know if it's New York Times, but a bestselling book because he bought them all himself. Internet. Pomp, you got to get the verbiage right. These are international. I've written five books. They're all international bestsellers. But no one other than me has ever bought the book. So you go figure out that. OK, you figure out how many books I've got in storage. You're doing a great job. All right. Listen, thank you for taking the time to do this. I know you're busy so i appreciate it and real pleasure to be on and thank you and and guys best of luck to you guys and i need a hat that says bitcoin 150 joe we're on it we're on it all right thank you all right bye thoughts well he got our names mixed up but uh outside of that

that was wild when he called me uh mama bear oh yeah everyone in the chat loved that they called you mama bear no he's good he's great though i like him a lot i'd never talked to him $400 million of Bitcoin they bought. Savage. Now worth over a billion. Worth a billion bucks now. Yeah. It's got that.

All right. Ready? Crossed over 5,000 likes. You know what that means. Giving out one more. Wait. Before we get to that, can we just talk about the fact

that he called $100 bills Italian singles? And pulled out a ton of them. About $10,000. You gotta keep a little bit of cash on you. In case you need to get out of here. In case you need to get out of here. Wait, what? when i heard him say italian singles i immediately looked over at john and john was like

i mean he was in an f-14 fighter jet they were taking off that's an all-time line you're gonna start calling them italian singles too no i'm gonna call them hundred dollar bills i'm gonna call them italian singles that's right that was pretty good a thousand dollars of bitcoin going to one person in the chat here's what i want you to do i want you to take this i'm gonna give you right now this link i want you to go tweet the link and tell people to come watch the show. Make sure they're subscribing. That's the key. Once you have done that, come back here and drop your Twitter account. We're going to pick one person. They're going to get a thousand dollars right now. By the way, while we're waiting for people to go do that,

I don't want to say who it is, but somebody texted me in a group chat. Joe, I think you're in this group chat. And they said, Jack Mollers is the next Bill Gates. hopefully without a couple of the oh i don't know if we're supposed to say i don't want we gonna leave him where he is i stop myself you know yeah i like jack yeah let's keep him out of that absolute nuts uh but all right john are you picking yeah i'll pick someone who's getting a thousand dollars or you know 10 italian singles all right well that's uh that's why you don't do public math what are you talking about a hundred dollars oh oh i thought we were giving away uh more than that oh yeah you can give away money no i'm good with that all right ten

thousand dollars in bitcoin i got some i'm just making sure they tweet the link oh john doing due diligence john don't play liar my boy john's coming for you he said you lied all right i'm gonna check one more and then if not i'm just gonna pick someone just out of being a good guy no we're gonna check too by the way oh we got someone robert allingham robert allingham you win a thousand dollars in bitcoin let's go all right i'm not gonna say the other person's name but that's what happens when you lie karma gets you i picked you but you didn't do what we asked so sorry about that try again. I don't know if you should be sorry. I mean, no, sorry. You should be sorry as well

for not doing it and saying that you did it. All right. Any last words? Do we have all the information we need today? Make sure, please. Hey, listen, you at home right there watching. Listen, this is important. Very important. Two things that I need from you. One, make sure you subscribe to the channel. If you subscribe to the channel, when we go live, you'll get a notification. You'll come in here to be great. We're going to be doing this all through the end of the year. And Bitcoin is going to keep going up through the end of the year. It's going to be awesome. We're going to have a lot of fun. We're going to give out a lot of money. All this stuff is going to be amazing. You're going to learn a bunch. You're going to laugh. You're

going to earn a bunch. Ooh, like that? Yep. Second thing I need you to do is you go to SoFi.com slash Pomp. When you go to SoFi.com slash Pomp, you can sign up for their invest account. When you go there, you can buy stocks, buy commodities, you can buy all stuff, or you can buy Bitcoin. If you go and you put $10 in of Bitcoin or you buy $10 worth of Bitcoin, they'll give you $10 for free. If you put $2,000 in, then you'll join the Diamond Hands Club. You get to join calls with us. You get to go into a Slack. You get to do all this cool stuff. So go to SoFi.com slash pump. Make sure you read the terms and conditions. I don't want to get any sort of problems and we will keep going. Any last words from two geniuses? It's going to be a fun few

months to end out the year. John? Scaramucci's a legend. I appreciate all of you guys watching. Thanks for liking the video, subscribing to the channel. If you want to tweet at me, I'll respond and pay off your credit card. And that's it for the best business show. We'll be back tomorrow. We got a big guest, big guest tomorrow, big guest tomorrow. See you guys tomorrow. Thank you.