Beware of excessive speculation backfiring! Founder of Bridgewater Capital: The trend of companies issuing bonds to buy Bitcoin will eventually fade.

According to Gate, Anthony Scaramucci, founder of SkyBridge Capital, does not support the company's practice of issuing bonds to purchase Bitcoin (BTC) as a company reserve, following the strategy of the largest Bitcoin whale, MicroStrategy.

In an interview on the theme of the DigiAssets 2025 conference, Scaramucci stated that he "does not like this approach" when asked about Bitcoin funding companies issuing bonds to purchase Bitcoin.

He stated: "It feels like a Special Purpose Acquisition Company (SPAC), something that happens quite often in our industry, and you will be overly focused on it."

He added, "I am worried that cracks will appear in this, which will ultimately harm Bitcoin."

He will describe the enthusiasm for Bitcoin financial companies as a shift in fashion industry clothing tastes.

He explained: "Some skirts are flared, some droop; some lapels are widened, some are narrowed."

Although the issuance of bonds to purchase Bitcoin "is currently very popular," Scaramucci added, "it will become outdated and will harm Bitcoin."

This position puts him at odds with the views of Strategy Chairman Michael Saylor. Saylor's company actively promotes a strategy of acquiring Bitcoin through convertible bonds while leveraging its own stock price momentum during bull markets. According to Bitcoin treasury data, Strategy currently holds Bitcoin reserves worth approximately $61.9 billion.

Despite companies like Metaplanet, Mara, and Riot Holdings adopting the Strategy approach, it has also faced criticism.

Swiss digital asset bank Sygnum pointed out in a recent research report that if Bitcoin experiences a prolonged downturn and Strategy is forced to liquidate part of its Bitcoin holdings to repay debts, it could send a "very harmful signal" to the market.

Although analysts from The Kobeissi Letter pointed out earlier this year that structural safeguards make it "extremely unlikely" for the Strategy to be forced into liquidation, they also noted that "long-term weakness could put pressure on its ability to meet obligations."

While Scaramucci shares Saylor's bullish view on Bitcoin, he has a more cautious view of Bitcoin's future price increases. "To me, Bitcoin is digital gold – so I think it's going to end up at the level of gold." He said. "If Michael Thaler were here, he would say, 'No, this is digital property, it's going to be tied to the rest of the world's property,'"

Scaramucci added, "He believes this is an asset worth 500 trillion dollars. I think it's an asset of 24 trillion or 25 trillion dollars."