Skybridge Capital founder Anthony Scaramucci says Donald Trump’s meme coin activity poisoned public trust in crypto at exactly the wrong moment, even as he sees Bitcoin (CRYPTO: BTC) reaching a $10 trillion market cap.

How Trump ‘Karate Chopped’ Crypto’s Momentum

Scaramucci made the case on The Wolf Of All Streets podcast that crypto was building genuine public goodwill heading into Trump’s inauguration, then lost it almost immediately.

“We were getting a love affair growing with the people and then Trump came in and he karate chopped that with the meme coin and some of the nefarious activity,” Scaramucci said. 

“People now smell corruption in our industry as opposed to usability and utility,” he added.

He compared crypto’s situation to Uber’s (NYSE:UBER) early battles with taxi commissions and city governments — the technology was better, the public wanted it, but the people in power worked against it. 

Trump’s personal financial exposure in crypto gives Democrats every incentive to block the Clarity Act regardless of its merits, he argued.

Why Scaramucci And Melker Both Think The Clarity Act Won’t Pass

Scaramucci said Washington’s core logic is working against the bill. Trump’s $927-page financial disclosure document, against Barack Obama’s roughly nine pages, makes his personal financial stakes in crypto impossible to ignore.

“The enemy of my enemy is my friend,” Scaramucci said. “They look through your pick of the litter and say, ‘What does this guy really want?’ Oh, he wants the Clarity Act to pass. I’m his adversary. Let me do everything I can to block it.”

Both Scaramucci and host Scott Melker put their odds of passage well below 50%, though both said they want to be wrong. Scaramucci put his personal odds at roughly two in five.

Why Scaramucci Still Sees Bitcoin Going To $10 Trillion

Scaramucci said Bitcoin’s $1.2 trillion market cap sits at roughly the same size as Micron Technology Inc (NASDAQ:MU), which he called absurd for a global brand with genuine digital scarcity. 

He said Bitcoin could reach $10 trillion without disrupting global capital markets, pointing to gold’s $28 to $30 trillion market cap as the natural comparison.

On the current apathy, Scaramucci said the sentiment backdrop is actually a signal. He said walking out of a conference where people were asking how to manage their careers in a down market is exactly the kind of fear that historically marks bottoms, not tops.

What Scaramucci Is Actually Holding

Scaramucci is long Bitcoin, Ethereum (CRYPTO: ETH), Avalanche (CRYPTO: AVAX), Solana (CRYPTO: SOL), and Telegram, with an early stake in Circle (NYSE:CRCL). 

He also runs the First Trust Skybridge Digital Economy ETF under the ticker CRPT, which holds Strategy Inc. (NASDAQ:MSTR) and Coinbase (NASDAQ:COIN) among other crypto infrastructure plays.

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