Exclusive Interview with SKYBRIDGE Founder Anthony Scaramucci | KBW2023

[Music] my opinion is it's one of the deepest uh broadest most liquid markets uh globally and so uh we're here for many different reasons but I think the main reason is to establish more business relationships here in Korea and of course we're a early stage investor in a lot of different projects that I'd like to see listed here on the Korean exchanges so uh among other things great barbecue great people if to remember I'm Italian right so I grew you know I'm from a peninsula just like the Koreans so we uh have a lot in common [Music] culturally I didn't change it so I think it's important for people to understand that even though FTX crashed I think we had in the portfolio at that time very good assets very valuable long-term assets and so unfortunately when you own things that have 80 V asset or 100 V asset if you look at the way they they swing from a market perspective um a great asset the volatility is not necessarily a measurement of risk as much as it is an opportunity and so I use that example on stage here uh you could have bought Amazon at $7 a share in March and April of 2000 uh and if you held it for the last 23 years it was arguably one of the best investments in history how however you would have had eight periods of time where you lost 50% of your money and so for me um I love the assets that we had prior to the fbx debacle uh we held those assets through the crash and of course those assets Bitcoin specifically is probably up 70 or 80% from that bottom and so uh I would caution people to be too quick to trade their great assets in my mind things like Bitcoin and ethereum are long-term heirlooms that people should just sit on uh and think about them over a multiple period multiple year period of time well you got to call me I mean that's the number one thing right you got to figure out a way to call me you know I here's the thing like I remember I started with absolutely nothing so grew up in a blue collar family my parents never went to college I'm the first person of my family to go to law school so uh I am very receptive to people who are self-starters that are knocking on my door I try to return everybody's phone call I try to turn everybody's email or letter and I get a lot of them but I try to do that because I I was sending out those letters 35 years ago and I needed people to return them for me so I'm trying to return that favor so uh do a little bit of sleo thing and uh you know be a good detective figure out how to reach me and uh reach out to me present to me what you have so I don't really know what he has in his portfolio but I know him a long time and so he's focused on two things he's focused on Fame and he's focused on money and so anything that can give him more fame or more money he's going to be a part of and so I think he did this nft collection he was able to sell it to sort of the same people that he raises money from for his campaigns um and so my guess is he probably owns you know ethereum based nfts related to that but I don't know really much more than that but you can ask me more questions about Trump if you want you know because I I think he's an idiot I mean how do you how do you say crazy in Korean M Trump is M okay come on you guys got to know that I mean come on well I mean that's a that's a really good question so when you you know broadly it's going to be things like AI um but I think you know and this is probably controversial for groups not related to the blockchain but I actually think the blockchain itself is going to have the biggest impact even potentially more conse quential near term than AI because if we start to roll out the magnificence of the blockchain where it's just this wonderful delayering mechanism if you think about global economic history because we don't trust each other we've always had a third party in our transactions you know we have a bank a clearing bank or we have the government issuing us our currency uh but over the blockchain we can have bilateral transactions peerto transactions which are secure and so if you think about the economic Innovation that get gets Unleashed from that it is consequential and exponential and so two very quick examples I own a restaurant if I'm able to avoid the credit card companies uh that's a 3% savings on everybody's restaurant Bill uh which could drop to the bottom line of that restaurant that's a 20% margin Improvement um we have friends in El Salvage we had several governmental ministers attend our conference in New York last year they told me that the introduction of Bitcoin as legal tender in El Salvador is going to lead to potentially A4 to 500 million savings for the ex Patriots that live in the United States sending money back to their family members in El Salvador so right now old school traditional Finance they've got to go through something like Western Union or Money Gram where the chares could be anywhere from 7 to 10% a peer-to-peer transfer over the blockchain would save those families those El Salvadorian citizens and the expats a half a billion dollars a year so just think about those two micro examples uh as we ramp up and the blockchain becomes regulatorily acceptable globally I think it'll have huge economic efficiencies huge benefits to the society huge levels of Innovation because you'll have more money to spend on things like R&D