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    The Sweet Life with Bitcoin: How I Stopped Worrying about Cryptocurrency and You Should Too!
    The Sweet Life with Bitcoin: How I Stopped Worrying about Cryptocurrency and You Should Too!
    The Sweet Life with Bitcoin: How I Stopped Worrying about Cryptocurrency and You Should Too!
    Ebook110 pages1 hour

    The Sweet Life with Bitcoin: How I Stopped Worrying about Cryptocurrency and You Should Too!

    By Anthony Scaramucci

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    About this ebook

    “Bitcoin is the most important financial innovation of the last century. It has already created tens of thousands of millionaires and will likely create many more. Anthony is one of the first Wall Street titans to understand the potential of this technology to revolutionize financial markets.”
    —Sarah Kunst, Founder and General Partner, Cleo Capital

    “Bitcoin is the most important innovation to money in 1000 years and for the first time in history we get to observe the process of monetization of an economic good in real time...”
    —Vijay Boyapati, Co-Founder The Dealmix

    The headlines about Bitcoin change daily, if not hourly. One day, Elon Musk endorses them but later says he won’t accept them as payment for Tesla. Hackers seize control of corporate websites and demand payment in cryptocurrency. Why would any savvy investor choose to invest in Bitcoin?

    The real question, according to Scaramucci, is why wouldn’t you invest in Bitcoin! In this compelling book, Scaramucci explains the significance of digital currency and how it is already reshaping the global financial markets. He provides a behind-the-scenes look at how Skybridge Capital started its Bitcoin Fund early in 2021, during the height of the pandemic.

    In Scaramucci’s straight-talking style, you will learn how he and his team assess the risks as well as work with institutional and individual investors.

    LanguageEnglish
    PublisherPost Hill Press
    Release dateSep 17, 2021
    ISBN9781637583364
    The Sweet Life with Bitcoin: How I Stopped Worrying about Cryptocurrency and You Should Too!

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      Book preview

      The Sweet Life with Bitcoin - Anthony Scaramucci

      9781637583357.jpeg

      SALT Books

      An Imprint of Post Hill Press

      ISBN: 978-1-63758-335-7

      ISBN (eBook): 978-1-63758-336-4

      The Sweet Life with Bitcoin:

      How I Stopped Worrying about Cryptocurrency and You Should Too!

      © 2021 by Anthony Scaramucci

      All Rights Reserved

      Cover photo by Deidre Scaramucci

      Cake designed by Candi Miletic, candigrams.net

      Charts from SkyBridge Capital

      The information and advice herein is not intended to replace the services of financial professionals, with knowledge of your personal financial situation. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of any profit or any other commercial damages, including, but not limited to special, incidental, consequential, or other damages. All investments are subject to risk, which should be considered prior to making any financial decisions.

      No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author and publisher.

      Post Hill Press

      New York • Nashville

      posthillpress.com

      Published in the United States of America

      Wealth flows from energy and ideas.

      — William Feather

      Everybody needs money. That’s why they call it money.

      — Danny DeVito, Heist, written by David Mamet

      To the Scaramucci family in 2040 who is super happy that the Scaramucci family in 2021 bought bitcoin.

      Table of Contents

      Chapter 1

      Crypto Cavalier

      Chapter 2

      The Lore of Bitcoin

      Chapter 3

      Not for the Squeamish

      Chapter 4

      Inevitability

      Chapter 5

      Fights for the Future

      Appendix I

      Glossary

      Appendix II

      Bitcoin: A Peer-to-Peer Electronic Cash System

      Endnotes

      Acknowledgments

      About the Author

      Chapter 1

      Crypto Cavalier

      I Speak for The Coin

      It was just another day in the basement when I read Bill Maher’s tweet about Bitcoin.

      This single room has become my bunker and global headquarters. I had to grow my business, steer it through the Covid crisis, and reorientate it to Bitcoin, all from this room in my Manhasset home. It’s where I have conducted countless Zoom calls and twice-weekly CNBC appearances. On screen, I’ve been Brioni from the waist up, but Champion gym shorts from the waist down. Now you know.

      Maher, the standup comedian and host of the show Real Time with Bill Maher, posted on Twitter that all cryptocurrency is like Tinkerbell’s light - its power source is based solely on enough children believing in it.¹ Twitter users pled for me to explain Bitcoin to him and set him straight. I responded that I’d try.

      It was an interesting spot to be in because I was once a skeptic of cryptocurrency. These days, though, I’m sort of like the Lorax of Bitcoin. At the start of 2021, my company launched the SkyBridge Bitcoin Fund, recommending clients take a 1 to 3 percent stake. SkyBridge is hardly alone in backing Bitcoin, but the new fund and my media profile has placed me on the frontline of defending it from attacks.

      Calling Bitcoin Tinkerbell’s light is easy to do if you don’t take the time to examine what makes it worth something. It exists only in the digital world, but that doesn’t mean it isn’t an actual, finite asset. There’s no greater lesson in the concept of digital scarcity than URLs. What is Amazon.com worth? A lot, since there can only be one like it, as determined by the internet’s domain system and the number of people using it. Is the word Bitcoin, twelve years since its inception, worth something in the international marketplace? I say that it is, and this book will show you exactly why.

      If you’ve already decided that I’m brainless for telling you that a cryptograph on a computer is worth something, then you don’t yet really understand the 5500-year history of currency. (Never fear, chapter 2 gets into it in some detail.) Every time humanity has embraced technology, whether from a horse and buggy to an electric car, or from telephone to video conference, we’re moving ahead toward something better suited to the demands of the day. It would make sense that our money would also advance technologically and with Bitcoin, it has.

      There are pieces of paper with green ink in my pocket right now. They’re fabric, mostly cotton. And I can use those in the local shop to pay for a bottle of wine, or whatever. Well, what is it exactly? What is backing this currency? I can hear someone say, Oh, the Federal Reserve is backing it. In what way? There’s nothing backing a fiat currency. It’s only the trust in the discipline of the government behind it. But because of the pandemic and the global financial crisis, we have a massive proliferation of fiat currency. And that usually ends in tears.

      Our politicians are relying on central bankers to smooth things over with low interest rates and by flushing the marketplace with liquidity. Our society is negatively impacted already because the top 1 percent are getting wealthier as their assets increase in nominal value. On the other hand, the lower and middle class have significantly less or no assets to capitalize on the liquidity. As nations around the world devalue their currency for reasons of geopolitics and domestic pressure, users of that currency will suffer—and seek alternatives. We’ll look at Venezuela and Argentina as case studies, but with surging money printing and deficit spending in U.S., the dollar may not be the world’s reserve currency for much longer.

      I called Bill Maher and we spoke for hours. He’s a smart guy, but by the end he still didn’t get it. It reminded me that most successful comedians are depressives and pathological pessimists.

      Part of Maher’s problem with Bitcoin is the energy consumed by the computers that support it, which he says, could single-handedly push global temperatures above the tipping point of two degrees. Well, the Cambridge Centre for Alternative Finance² estimates that the energy Bitcoin uses—148 terawatt-hours a year—is equal to about 1.5 years’ worth of wasted energy in the U.S. from devices left plugged in to outlets.

      No one, including Maher, launched similar tweets against the energy consumed by banks—every branch, ATM, mainframe server, and office. What about commercial office buildings—particularly television studios? They are responsible for a tremendous amount of carbon emissions. So, are we lambasting or boycotting the real estate, entertainment, and banking industries as well?

      It feels like there’s a target on Bitcoin’s back because it’s a new idea—and because there’s a lot of old guard who feel threatened by it. You wouldn’t figure an iconoclastic comedian to be so retrograde in his thinking.

      The future of all energy production rests with green technology. When New York considered a bill that aimed to halt Bitcoin mining for three years over environmental concerns, Miami Mayor Francis Suarez took to Twitter to say his city can mine Bitcoin with clean nuclear energy provided by Florida Power and Light….We want to be the crypto mining capital of the world and know it can be done sustainably and incorporate solar.³ Iceland, Sweden and Norway , places with reliable geothermal power, have become booming sites for Bitcoin miners.

      Pessimists see problems, but optimists see opportunities. For example, gas flaring at fracking locations produces around 1 percent of global carbon emissions. Bitcoin producers realized this gas could be a great source of energy for small, transportable data centers. The Bitcoin mining company EZ Blockchain has recently set up five such operations on gas sites, the latest in Utah with

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