"It Will Flip Ethereum" - Scaramucci on Solana's Future | Markets Outlook

Summary

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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.

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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]

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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]

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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

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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.

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Transcript

[A]

Until you get the Clarity act passed in the United States, you're probably going to not get the full utilization of tokenization. So Solana should have a good year next year, if we can get that done. And so could it be 3, $400 by the end of next year? Sure. Is solana go to $1,000 over the next five years? I really do believe that. And obviously I put my money where my mouth is.

[B]

Founder and managing partner at SkyBridge Capital and author of Solana Rising, Anthony Scaramucci. Hello.

[A]

It's good to be back with you. Thanks for having me.

[C]

It's good to have you here.

[B]

It's always such a blast when you come on the show.

[A]

I always try to make it real.

[B]

I know you got the hot tea.

[A]

I'm the only person at Solana Brave Point wearing a tie right now. Maybe three security guards and me, but it's okay.

[B]

How does that feel? I mean, you think that.

[A]

I feel like I'm a senior citizen here, but go ahead.

[B]

All right, let's talk about Solana Rising. How long has it been on the market? It's been just a few days.

[A]

Yeah, December 9th, so I guess two days. Amazon got to the top of the list of new releases for investment management books, investment strategy. So that was gratifying. And it seems like it's selling very well. And I think it also speaks to the Solana ecosystem that people are buying the book. I think the Solana believers don't need the book, but I think they like the book to give out to their friends who may be skeptics, are not yet in the crypto pool like the rest of us.

[C]

So what was the core motivation behind focusing on Solana in particular and sort of framing it as this next generation operating system?

[A]

Well, full disclosure, I might. I have a large personal holding in Solana. I have it on the firm's balance sheet. We have it in investors. I'm a large multi coin investor. Kyle Somani wrote the introduction to the book and I thought it was very important to explain to investors. So we have a whole bandwidth of investors. A lot of them are in my demography and they're skeptics and they're sort of Luddites as it relates to blockchain technology. And I thought 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, what they were thinking about and what the use cases are and the bandwidth and the success of Solana. So, you know, for me, I got. I Guess maybe my first solana investment in 2021. But I think we're still so, so early and if you just look at the penetration, we just got our first Solana etf, first staking ETF besol and so signed over very, very early. I wanted to get the messaging out there of what it was to the most amount of people. You can't really do it in a research paper but it's about 175 pages. Just tells the story of Solana.

[B]

The first ETF also had an incredible debut not only amongst crypto ETFs but ETFs on a whole. So I think you're absolutely correct there. I know you that you said previously that Solana will flip Etherium. Talk to me about timeline there.

[A]

Well, I think it will flip Etherium. That doesn't mean Ethereum is going down or anything like that. I think there's going to be market share for Ethereum. I think they could both grow, but I think from a market capitalization perspective, I think Solana will end up growing faster. I think if you just look at the and I do write a lot about this in the book the Comparative Analysis. Again, I'm a multi chain sort of a person. So people get mad at me because I happen to like Avalanche, I do like Ethereum and people say, well I guess they want me to be chain monogamous, but I'm not chain monogamous. In fact, who is chain monogamous? And so is it okay to be not chain monogamous?

[B]

I think so.

We're all a little bit.

[A]

It's not an amorous thing. It just has to do with the realities of investing. It's like owning a lot of stocks in your portfolio. But to me I just think that it is the fastest growing chain. That's the most activity of like the top 50 chains combined. It's got lots of use cases, lots of versatility, it's easy to develop on and it's very low fees to transact on and it's got great tokenomics if you want to stake your Solana like I do or if you want to buy B Sol, which is a staking etf. So there's so many different things that make me believe that it will flip Etherium. Having said all of that, that's not me saying anything negative about Etherium. It's really talking about the promise of Solana.

[C]

So to go back to your book for a moment and as you said, you know, you don't really need to convince anyone within the industry that Blockchain very much has huge amount of potential for the future, as it's currently demonstrating now. But when you do speak to people from more conventional finance, conventional regulations, what is the core argument that really kind of breaks their paradigm of thinking that actually starts to unlock that conversation? Because I think previously we had a lot of people shutting it down at the first.

[A]

I think it's a separate topic, so more philosophical. This is my 37 year observation of Wall street regulation. I think the first indication is fear, and then the second indication is lack of knowledge. I think one of the brilliant parts of Solana, by starting the Solana Policy Institute, they're out there educating people and trying to reduce the fear. And then I think once you get to the education process, you understand the efficacy of something like Solana and you're sitting there saying, so wait a minute, we're going to be able to save lots of transaction costs, there's going to be great security on this network, there's ease of use, there's permissionless aspects and features to the network. In the process of doing the book and doing research, it depends on who you talk to. But there's between three and a half and $4 trillion of transaction verification fees globally, around the world per year. That includes credit card fees, wire fees, bank administration fees, all these different things. And if you're telling me that Solana could help you bypass that, think about the economic innovation that could get unleashed. So step one, reduce the fear. Step two, educate people on what it can do and where the economic innovation is. And then you can probably bring people over to the appropriate regulatory perspective. This has been true forever. Guys, all of us are old enough to remember the resistance to Uber, okay? The ride sharing application. Better technology than the local taxicab. It didn't fully displace taxicabs, but it did create a proliferation of ride sharing globally and it made it better for the consumer. But the taxicab administration didn't want it. The local mayors and the local authorities didn't want it. But who wanted it? It was the people. And so I stipulate in the book, one of the axioms about life. When the technology is better, even if there's regulatory resistance, it will get adopted.

[B]

You personally invest in Solana, the company invests in Solana. What allocation of the portfolio are we talking about here?

[A]

Well, for our balance sheet, it's probably 60% of the balance sheet. You know, we have north of a nine figure balance sheet at Skybridge. And so Solana makes up the largess of it. I would Say, for the portfolio, you know, I don't. Hold me this. I don't have the portfolio right in front of me. Probably 6%, 7%.

[B]

Okay. And I got to ask you, you know, I love a price prediction. What's your projection for Seoul?

[A]

So, you know, I've been right about Bitcoin, but I've been wrong about timing. I said bitcoin would get to 100,000, but if you'd asked me that, I thought it was going to happen at the end of 2022, but of course, I got the regulation wrong. That's because I was actually reading the administrative law. If you pass the Bitcoin futures etf, it would be logical and consistent that you'd have the cash or spot ETF a few months after it. But we had probably the worst SEC Chairman in the SEC's history, Gary Gensler, just for no reason, arbitrary and capricious reasons as what the judge said about him blocking it. So that delayed the bitcoin price going to 100,000. Solana is a little bit different of a case, I think. Solana, until you get the Clarity act passed in the United States, you're probably going to not get the full utilization of tokenization. So Solana should have a good year next year if we can get that done. And so could it be 3,$400 by the end of next year? Sure. Is solana go to $1,000 over the next five years? I really do believe that. And obviously I put my money where my mouth is.

[B]

Do you think Clarity passes next year? We heard this morning that it's getting a little bit messy with the latest Democrat draft. Look, looking like we're not going to see a markup next week. It's almost the end of the year. We're heading into midterms.

[A]

Yeah.

[B]

Does Clarity get pushed to the back burner?

[A]

You know, David Sachs says no. I think he's a very effective guy. I think he's very capable. I think younger Democrats would be making a huge mistake if they go in that direction. I think the crypto lobby proved itself in 2024. They knocked out some big incumbents that were anti crypto, sent a message to people, I don't know a lot of anti crypto voters. I understand the Democrats position because it's opposed to the president. And I think the president did hurt the industry by having a meme coin launched several hours prior to his inauguration. To meme coins. I don't necessarily think that helped him with his political adversaries. And so, by and large, the president Again, I want to be very fair to him and his administration. They have been better for crypto, certainly better than a Harris or a Biden administration. But I think that sort of stuff slowed us down. If I was at this desk with you at Breakpoint in Singapore last year, I would have said we would have gotten both of those pieces of legislation passed. But I do think that meme coin introduction slowed down the Democrats. And you saw that petition that was signed recently where there's a lot of different groups that are against it and trying to block it. And they're doing that for political reasons more than they're doing it for utility reasons. So the industry's still fragile. 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, but we have to continue to work on that. But if you ask me, is it going to get passed or not? Yes or no? I think it will. Despite the current opposition. I think. I think lots of Democrats don't want to go into the midterms with the, with the crypto PACs gunning for.

[B]

I got to ask you, your bitcoin prediction. Now, where is it going?

Don't say something crazy.

[A]

10 million.

[C]

Don't say something crazy.

[A]

Look, like I said, I've been always wrong about timing and so I'm going to wear egg on my face. Bitcoin did get to 100,000, but of course we had to wait till after the ETF and after a clear sign from the government. I think we've had a decent year in bitcoin in a weird way because we've had lots of consolidation. Some of the OG sellers, sort of a circulation of that bitcoin into institutional hands I think is ultimately positive long term for bitcoin, but I still maintain 150 to 200,000. I would have said to you six months ago we would have gotten there by the end of the year. But I would have also made the assumption that the Clarity and Market Structure act would be passed. If we get those acts passed in the first half of next year, I do see that as a likelihood. I also think we're going to have a more friendly Federal Reserve next year as it relates to interest rates will also help the price of Bitcoin. So, one, I'm going to stick with my 150 to $200,000 prediction. I just got it wrong in terms of timing.

[B]

All right, Anthony. And before we let you go, we got to just do a little bit of self promotion. Here. CoinDesk, ConsenSys and Salt have partnered for a one day institutional summit in Hong Kong.

[A]

Am I going to see you in Hong Kong?

[B]

You are going to see me in Hong Kong.

[A]

Am I allowed to go live in Hong Kong? Yeah.

[B]

We're going to do this again in Hong Kong.

[A]

Are you going to give me a phone book so I look taller on TV than I currently do?

[C]

I think you can wear hair, makeup.

[A]

I'm going to talk to my agent about all this.

[B]

Yeah, you got to talk to your agent. We'll work something out for you for Hong Kong. Talk to us about Hong Kong. Why is it important for SALT to show up in this way for institutions in the region?

[A]

Well, first of all, I'm gratified. First of all, you guys do an amazing job with Consensus. I was at Consensus in Toronto. I've been to Consensus in Texas. I've been following the Consensus troupe around the world. And Hong Kong is one of the most exciting cities, a crypto friendly city. Tom and I are close. I think thought it'd be a good idea to fuse some of our content together, bring some of the people that we could bring to bear a consensus. And I'm a big believer in collaboration. 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, raise the awareness of the industry. I believe in a rising tide lifting all boats in our industry. Tom believes in that too. So I'm bullish. I'm bullish and I'm excited to be in Hong Kong with you. And I expect to be on the show.

[B]

You'll be on the show. Don't worry. We'll get hair and makeup sorted out for you.

[A]

Don't worry, I'm not gonna hold you to you.

[B]

We may even get a green room.

[A]

We are videoing this show right now, so I'm gonna hold you to it.

[C]

You're even more beautiful now.

[A]

Thank you. I appreciate it. You know, I need positive reinforcement.

[B]

Anthony, it is always a pleasure. Thanks so much for joining us.

[C]

Thank you so much.

[B]

That was SkyBridge founder and managing partner, Anthony Scaramucci.