Episode Overview

Podcast: Markets Outlook
Host: CoinDesk
Episode Title: "It Will Flip Ethereum" - Scaramucci on Solana's Future
Date: December 11, 2025
Featured Guest: Anthony Scaramucci, Founder & Managing Partner at SkyBridge Capital, author of Solana Rising

This episode dives deeply into the investment case and future prospects for Solana (SOL), featuring Anthony Scaramucci’s bullish vision on the token, reflections on regulation, and his comparison between Solana and Ethereum. The discussion also touches on the impact of legislation, personal and institutional investment allocations, and the importance of industry collaboration.

Key Discussion Points & Insights

1. Solana’s Bright Future and Investment Case

• Solana’s Potential Growth:

  • Scaramucci projects aggressive potential price action for Solana if regulatory clarity improves:
    • “Could it be 3, $400 by the end of next year? Sure. Is Solana going to $1,000 over the next five years? I really do believe that.” [00:00]
  • He’s “putting his money where his mouth is” both personally and through SkyBridge’s balance sheet.

• Solana’s Technological Edge:

  • Cites wide bandwidth, ease of development, speed, low fees, and robust staking/tokenomics as key selling points.
    • “It is the fastest growing chain. That's the most activity of like the top 50 chains combined... lots of use cases, lots of versatility.” [03:51]
  • Highlights the arrival and success of the first Solana ETF (specifically the staking ETF, BESOL) as a mainstream indicator. [01:41]

2. Solana vs. Ethereum: The “Flip” Prediction

• Market Cap Outlook:
  • Scaramucci expects Solana to surpass Ethereum by market cap, though not suggesting Ethereum will diminish.
    • “I think Solana will end up growing faster... it's really talking about the promise of Solana.” [03:08]
  • Advocates a multi-chain investment strategy, criticizing “chain monogamy”:
    • “Who is chain monogamous?... It's like owning a lot of stocks in your portfolio.” [03:29]

3. Communicating Solana’s Story

• Purpose Behind ‘Solana Rising’:
  • The book aims to reach skeptical or “Luddite” financial professionals, explaining both the story of Solana and its founders.
    • “It was very important to lay out the story of Solana, but also include the narrative of Anatoly and Raj, how they put it together...” [01:41]
  • Designed as a tool for believers to share with skeptics and introduce a broader audience to the Solana ecosystem. [01:02]

4. Regulation & The Clarity Act

• Barriers to Tokenization:
  • Regulatory uncertainty (pending Clarity Act) in the US is described as the main barrier preventing full tokenization and Solana’s maximum utility.
    • “Until you get the Clarity act passed in the United States, you're probably going to not get the full utilization of tokenization.” [00:00]
• Political Hurdles:
  • The regulatory process is mired in partisan conflicts, slowed by politics, and in some cases, meme coin controversies.
    • “We got to get the regulation to be post partisan or even nonpartisan, if you will, sort of transformational. And we don't have it there yet...” [09:42]
• Forecasts on Legislation:
  • Despite political resistance, Scaramucci predicts the Clarity Act will pass, pushed by the effectiveness of the crypto lobby and midterm electoral pressure.
    • “If you ask me, is it going to get passed or not? ...I think it will. Despite the current opposition.” [10:41]

5. Mainstream Adoption & Institutional Entry

• Addressing Legacy Finance Skeptics:
  • Education and reducing fear are noted as essential to unlocking Wall Street adoption.
    • “Step one, reduce the fear. Step two, educate people on what it can do and where the economic innovation is.” [05:01]
  • References historical tech resistance (e.g., ride sharing vs. taxicabs) as a parallel:
    • “When the technology is better, even if there's regulatory resistance, it will get adopted.” [06:24]

6. SkyBridge and Scaramucci’s Solana Allocation

• Institutional Exposure:
  • SkyBridge’s exposure: Solana comprises about 60% of the firm’s balance sheet; portfolio allocation is around 6-7%.
    • “For our balance sheet, it's probably 60%... For the portfolio... probably 6%, 7%.” [07:11]
  • Stresses a long-term conviction: “I put my money where my mouth is.” [00:16, 07:45]

7. Price Predictions and Policy Impact

• Solana and Bitcoin Forecasts:
  • Reiterates bullish Solana prediction contingent on regulatory progress: $300-$400 by end of next year, $1,000 in five years. [07:38]
  • Bitcoin target: $150,000 to $200,000 if regulatory clarity and friendlier Fed policy emerge.
    • “I still maintain 150 to 200,000... If we get those acts passed... I do see that as a likelihood.” [11:46]
  • Admits being “right on price, wrong on timing” due to unforeseen regulatory delays. [07:38, 10:53]

8. Industry Collaboration and Consensus Conference

• On Institutional Presence in Asia:
  • Advocates for collaborative industry events and knowledge sharing to elevate crypto collectively.
    • “I believe in a rising tide lifting all boats in our industry.” [12:53]
  • Praises Hong Kong’s crypto-friendly atmosphere. [12:26]
  • Expresses excitement about CoinDesk, ConsenSys, and SALT’s upcoming summit in Hong Kong. [12:04]

Notable Quotes & Memorable Moments

• On Chain Allegiance:
  “People get mad at me because I happen to like Avalanche. I do like Ethereum and people… want me to be chain monogamous, but I’m not… In fact, who is chain monogamous?” – Anthony Scaramucci [03:16]

• Technology, Regulation & Adoption:
  “When the technology is better, even if there’s regulatory resistance, it will get adopted.” – Scaramucci [06:24]

• Solana’s Economic Promise:
  “There’s between three and a half and $4 trillion of transaction verification fees globally… Solana could help you bypass that, think about the economic innovation that could get unleashed.” – Scaramucci [05:41]

• Price Prediction Error:
  “I’ve been right about Bitcoin, but I’ve been wrong about timing…” – Scaramucci [07:38]

• On Collaboration in the Industry:
  “I don’t think conferences need to compete with each other. If anything, I think it’s the goal for all of us to raise the standards in the industry.” – Scaramucci [12:42]

• On Personal Style at Crypto Events:
  “I’m the only person at Solana Brave Point wearing a tie right now. Maybe three security guards and me, but it’s okay.” [00:45]

Key Timestamps for Important Segments

• [00:00-01:41] – Solana’s current position, new ETF, book background
• [03:08-04:32] – The case for Solana flipping Ethereum, “chain monogamy”
• [05:01-06:24] – Overcoming legacy finance skepticism, transaction cost disruption
• [07:11-07:30] – SkyBridge’s Solana allocation
• [07:38-08:45] – Solana price predictions, regulatory impact
• [10:44-11:46] – Bitcoin price outlook post-regulation
• [12:04-13:17] – Institutional collaboration, Hong Kong summit, industry unity

Tone and Final Impressions

Scaramucci’s enthusiasm, frank self-deprecation, and candid take on politics and regulation shine through. He wraps technical insights with an approachable, story-driven delivery, regularly sprinkling in humor and personal anecdotes.

Summary for Listeners:
This episode provides a thorough, accessible macro and micro view of Solana’s place in the market, why seasoned investors are gravitating toward it, political roadblocks remaining, and how Wall Street and Main Street might be swayed. If you’re seeking a nutshell rationale for Solana’s potential and what stands in its way, this is a must-listen.