Scaramucci on perpetual futures: 'You have to accept what's coming, whether you like it or not'

Summary

Anthony Scaramucci discusses the inevitability of perpetual futures migrating from crypto to traditional finance. He then presents a bullish Bitcoin thesis rooted in four-year halving cycles, record-low RSI, apathy, and ETF-driven support that could spark a rally in late 2026. He also defends MicroStrategy's balance sheet and NAV arbitrage, reaffirming his conviction in the stock.

• Perpetual futures are widely used in crypto and will likely expand to traditional markets, requiring regulation.
• Skybridge has used perpetual futures in crypto but not yet materially in stocks and bonds.
• Bitcoin follows four-year halving cycles; the current correction is shallower (50%) than historic 60-70% drawdowns because of ETF buying.
• Bitcoin’s RSI is at an all-time low, apathy is pervasive, and Google searches are way down, making the market thin and sensitive to demand.
• Scaramucci expects Bitcoin to begin a rally in late Q4 2026 into early 2027.
• MicroStrategy has a fortress balance sheet, bought back convertible notes, and has a deep capital pool, reducing risk.
• MSTR trades at 1.2-1.3x NAV, providing arbitrage that makes the stock attractive.