Trump’s 500,000 Bitcoin Buy Will Pass US Senate: Scaramucci

Anthony Scaramucci, founder of SkyBridge Capital and author of the upcoming The Little Book of Bitcoin, has voiced his belief that a sizable government purchase of Bitcoin—potentially as much as 500,000 BTC—will advance through the US Senate. Speaking on the Bankless podcast with host Ryan Sean Adams, Scaramucci suggested that top lawmakers are aligning to introduce a strategic Bitcoin reserve, despite the apparent risk to the US dollar’s perceived backing.

Will Trump Buy Bitcoin?

Scaramucci, who maintains close ties to several legislators, addressed current Senate sentiment regarding a possible government acquisition of Bitcoin and cited broad support for Senator Cynthia Lummis’ bill. “They’ve got the votes. Hagerty wants it. McCormack wants it,” he stated. In reference to whether he thinks the Senate would approve a plan to enlarge the government’s Bitcoin holdings, he affirmed, “I do think so, yes.”

Although Senator Lummis’ initial proposal included purchasing up to one million BTC, Scaramucci contended that the final arrangement might be different. “This stuff gets horse traded so you’ll probably have 200,000 BTC won’t get sold—they’ll probably buy another 400,000 or 500,000 Bitcoin over the next […],” he remarked, omitting a precise timeline.

He elaborated that Donald Trump will be a significant force behind such a plan: “Trump wants it to happen and he’s got the Senate Banking Committee. Tim Scott wants it to happen—he’s going to be the chair of the Senate Banking Committee.”

One of the most significant takeaways from Scaramucci’s remarks is the potential for bipartisan support, even if notable opponents such as Senator Elizabeth Warren (D-MA) and Senator Sherrod Brown (D-OH) have criticized pro-BTC and crypto measures in the past.

In referencing earlier legislation, Scaramucci pointed out that “a lot of Democrats voted for the SAB 121 Bill,” adding: “If you looked at the dispersion of the vote, it was a bipartisan approval of that bill. And by the way, Ryan, if you were below the age of 60 and a Democrat, you voted for the bill. If you were a fossil like Elizabeth Warren or Sherrod Brown, you voted against it.”

He went on to name Ro Khanna (D-CA) as a Democrat he believes would likely support a strategic Bitcoin reserve. According to Scaramucci, younger legislators increasingly view Bitcoin through the lens of “digital gold,” making them more open to incorporating it into federal holdings.

A central theme in Scaramucci’s argument for a strategic Bitcoin reserve is the comparison to gold. The US currently has around $600 billion worth of gold in its reserves. In his view, dedicating a fraction of that amount to BTC—even to the extent of selling off some gold reserves—could fortify the US economy in an era of digital transformation.

“If Bitcoin is digital gold, and we have $600 billion of gold on reserve at our Federal Reserve Bank, you’re telling me we couldn’t put $750 million to $1 billion of Bitcoin on reserve? Is that what you’re saying?” he asked, emphasizing the plausibility of this approach.

Scaramucci’s stance extends beyond just holding BTC; he also believes that if China or other major economies move swiftly into Bitcoin reserves, the US could risk losing a strategic advantage. He underscored that the possible sum for a 400,000 or 500,000 BTC purchase might stand at around $70–$80 billion—representing just 1–1.5% of a $6 trillion federal budget, or approximately 30 basis points allocated over five years.

“If you put me in that seat and said, ‘Is it in the United States’ national interest to have a strategic reserve in Bitcoin?’ I would say yes,” Scaramucci stated. “And then if you said to me why, I would say three reasons. Number one, I do believe it’s digital gold. Number two, the younger generation is going to live much further in the digital world than me. Number three, we believe, rightly or wrongly, that the Chinese are going to move to buy Bitcoin.”

Critics of a US Strategic Bitcoin Reserve often argue that building a substantial reserve could undermine global confidence in the US dollar, raising questions about what the dollar is backed by. However, Scaramucci sees it differently, suggesting the US could reinforce the dollar’s standing by staying technologically competitive:

“Maybe because I’ve been in the space longer, I think we’re further along,” he reflected. “We’re in a modern society. And Trump wants to make a statement. If we believe that the Chinese are going to move to make [Bitcoin] a strategic reserve asset, then what are we talking about? You’re talking about a small percentage of the budget to buy Bitcoin over five years, which could strengthen the dollar emotionally and put the United States on better competitive footing.”

At press time, BTC traded at $93,702.

Featured image created with DALL.E, chart from TradingView.com