Kevin O’Leary dismissed the Strategic Bitcoin Reserve proposal, stating it won’t pass despite strong advocacy from industry leaders like Michael Saylor.
This came in a public exchange between the Shark Tank judge and Anthony Scaramucci, founder of SkyBridge. The discussion touched on Senator Cynthia Lummis’s proposed Strategic Bitcoin Reserve Bill.
During the debate, aired on Scaramucci’s official YouTube channel, both investors took opposing positions in response to a question from the audience. One question focused on whether the proposed Bitcoin legislation would benefit the U.S. economy.
For context, Senator Cynthia Lummis reintroduced the Strategic Bitcoin Reserve Bill this year with new co-sponsors. The bill aims to establish secure Bitcoin vaults under the U.S. Treasury. It proposes that the government purchase 1 million BTC to strengthen the dollar and reduce national debt.
Meanwhile, during a separate Bitcoin forum, MicroStrategy Chairman Michael Saylor stated the U.S. could potentially earn $106 trillion by gradually acquiring Bitcoin.
O’Leary: Strategic Bitcoin Reserve Will Never Happen
Meanwhile, Kevin O’Leary firmly rejected the idea of a Strategic Bitcoin Reserve, stating the bill would not receive bipartisan support. He criticized Michael Saylor, claiming that his aggressive Bitcoin strategy was self-serving. “Michael Saylor is talking his own book,” O’Leary said.
Moreover, O’Leary highlighted that Strategy sells stock, preferred shares, and debt to buy Bitcoin, noting that its shares trade at twice the value of the company’s underlying Bitcoin holdings. He argued that such a model lacks long-term viability.
Instead, O’Leary highlighted stablecoin regulation as the likely legislative focus in the near term.
According to him, the U.S. is more likely to pass a stablecoin law that enables digital dollars to move globally at minimal cost. He disclosed ownership in USDC and emphasized that moving dollars with stablecoins would cost one basis point, compared to the 2% in fees traditional banks charge.
He added that stablecoins could reduce international dollar transfer fees and undercut banks’ revenue models. In his view, this scenario is more achievable than the establishment of a Bitcoin reserve by the government.
Scaramucci Supports Bill
On the other hand, Anthony Scaramucci, managing partner at SkyBridge, disagreed with O’Leary. He stated that the bill would benefit the economy. He referred to recent comments from David Sacks, President Trump’s crypto czar, who advised delaying executive action to avoid partisanship.
Scaramucci stressed that unilateral action by a Republican administration might lead to reversal by a future Democratic government. He stressed that the next six months remain critical for establishing bipartisan support.
He pointed out that the United States already maintains 27 strategic reserves, including oil and gold. This reference was used to justify the potential addition of Bitcoin to the list.
Strategy Expands Holdings
Notably, the debate followed Strategy’s latest Bitcoin acquisition, which was signaled days earlier by Saylor.
Strategy’s recent $180.3 million acquisition brought its total Bitcoin holdings to 555,450 BTC. The firm’s average purchase price reached $68,550 per coin, indicating a cumulative investment of about $38.08 billion.
Saylor has also reiterated plans to continue accumulating Bitcoin, regardless of future price points. According to his recent public statements, acquisitions could even scale up to $1 billion per day.
