Elon Musk’s electric car company Tesla announced the purchase of $1.5 billion worth of Bitcoin earlier this year. Responding to this, SkyBridge Capital’s capital founder and the former White House Director of Communications, Anthony Scaramucci, tweeted on March 19 that Musk owns over $5 billion worth of Bitcoin through his companies and personally. Moreover, in this week itself, he compared Bitcoin to Amazon shares and seeks the U.S. SEC to approve Bitcoin ETF this year. Today, his investment firm SkyBridge Capital announced filing a Bitcoin ETF with the SEC.
Scaramucci-Led SkyBridge Partners First Trust Advisors to File Bitcoin ETF
First Trust Advisors and SkyBridge Capital in an S1 filing with the U.S. Securities and Exchange Commission (SEC) seek to get approval for the First Trust SkyBridge Bitcoin ETF Trust. As per the filing, First Trust Advisor would be the advisor to the ETF while SkyBridge would be the sub-advisor. If approved, the Bitcoin ETF would trade on NYSE Arca.
Anthony Scaramucci Backs Elon Musk’s Bitcoin Holdings
Scaramucci made unsubstantiated claims that Musk owns over $5 billion in bitcoin via Tesla, SpaceX, and personally.
While Tesla added $1.5 billion worth of bitcoin to its balance sheet in February, Musk said last year he owns just 0.25 bitcoin, which is worth around $15,000 at current prices.
I still only own 0.25 Bitcoins btw
— Elon Musk (@elonmusk) May 15, 2020
Anthony Scaramucci touched upon the growing concern of Bitcoin’s high energy consumption levels while defending the Tesla CEO that “no living person has done more to protect the planet against climate change,” than Musk.
He pointed out the idea that Musk investing in any digital asset that harmed the environment is “absurd.”
Elon Musk sees future 1) renewables replace fossil fuels 2) #bitcoin demonetizes gold, RE, equities & art + becomes dominant store of value
Answer to energy FUD is Elon Musk!
— Anthony Scaramucci (@Scaramucci) March 19, 2021
According to Scaramucci, the future of Bitcoin mining is renewable energy and that renewables will replace fossil fuels while adding that bitcoin will become the world’s dominant store of value, replacing gold, equities, and art.
Bitcoin Climate Change Impact Under Scrutiny
Bitcoin has attracted significant criticism for its high energy use in recent months amid its growing visibility in the mainstream media due to its skyrocketing prices.
Microsoft’s co-founder Bill Gates and Bank of America too criticized the large amount of electricity needed to mine Bitcoin. Gates believes that Bitcoin is not good for the climate as bitcoin’s high carbon footprint could grow as the surging bitcoin price attracts more people to it.
The energy usage comes due to innumerable machines solving complex calculations for creating a new Bitcoin while securing the Bitcoin network.