SALT

𝗦𝗔𝗟𝗧: knowledge + networking across finance, technology & public policy.

[Anthony Scaramucci @Scaramucci]

The AI train isn't slowing down; it's accelerating, the charts are parabolic, and if you're not nervous, you're not paying attention. Mike Novogratz and I get into all of it: the SpaceX frenzy, the jobs that are gone forever, and the conversation the Pope is having that Wall Street should probably be having too, all on this week's All Things Markets (@AllThingsMkts)

Watch/Listen on X, YouTube, and Spotify.

Timestamps
0:00 Mooch and Novo are back!
0:53 Bitcoin's "meh" moment, why crypto has lost the narrative
4:31 Michael Saylor's surprise move
5:45 Goldman raises S&P target to 8,000. Is this bull market real?
7:31 Oil shock warning: Exxon exec signals $150–$160 per barrel
10:49 Fixed income outlook and 18 years of bull market complacency
13:52 SpaceX $1.8 trillion valuation breakdown
16:50 Pope Leo XIV and Anthropic: a moral warning about AI
20:46 Claude 4.8 and the coming job displacement
22:23 Will AI crush software engineers?
24:18 Bullish vs Bearish
27:01 The $1.3B Bitcoin dark pool trade explained
31:04 What made you smile this week?

[Charles Odei @charlesodeiiii]

Anthony Scaramucci doesn’t view Bitcoin as just another trade or speculative technology without a strong, scalable use case.

He sees it as the apex form of money and told me every serious investor he knows who has truly studied Bitcoin eventually arrives at the same conclusion: you need to own it.

In this latest @ProofofThoughtX episode, we talked about why the four year cycle is still alive, why he has October 1, 2026 circled on his calendar, and how a single meeting inside the White House in 2017 changed the way he thinks about money forever.

But honestly, some of the most interesting parts of the conversation had nothing to do with Bitcoin.

• Getting fired from the White House
• Personal setbacks and his redemption arc
• How he thinks AI will reshape careers and society
• His one message to Donald Trump
• Biggest life lessons

This episode is packed with takeaways about money, investing, business, and living a full life.

Anthony has a natural ability to move between Bitcoin, macro, investing, politics, humor, and life philosophy without missing a beat.

Thank you to @Scaramucci for joining us.

Follow him:
@Scaramucci
@SkyBridge
@SALTConference

Highlights:
• 0:00 What Price Anthony Thinks Bitcoin is Going To
• 4:50 Is the 4-year Bitcoin Cycle Overhyped?
• 7:55 When Bitcoin Becomes Mainstream, What Does a Normal Person’s Life Look Like?
• 10:44 What Saylor Understands About Bitcoin That You Don’t
• 14:46 Why Aren’t People Taking a “Guaranteed” 11.5% Return?
• 16:34 Is Anthony Concerned About Market All Time Highs?
• 19:54 Did The Fed Find a Strategy in 2008 to Prevent Recessions?
• 22:02 How Can the Everyday Person Benefit from the K-shaped Economy?
• 23:44 “Assume You’re Going to Lose Your Job [because of AI]”
• 25:12 How Anthony uses AI
• 28:09 Will the New Fed be an Issue for Markets?
• 30:27 Anthony's One Piece of Advice to Donald Trump
• 36:13 Are There People Above Trump Actually Pulling the Strings in the Government?
• 37:05 Anthony’s Favorite White House Story
• 39:09 Did Anthony Ever Expect to be Part of the White House?
• 40:48 Anthony’s Biggest Life Setback
• 42:53 Will We See Another FTX-level Scam in the Crypto World? + Anthony’s Thoughts on SBF
• 47:32 Conspiracy Theories + How Does a Young Person Get Access to Great Investors
• 50:55 What Actually Motivates Anthony?
• 53:04 What Does Greatness Look Like to Anthony?

[DTCC @The_DTCC]

DTCC and the Stellar Development Foundation announced today plans to enable the tokenization of DTC‑custodied assets on the @StellarOrg network. This collaboration advances DTCC’s multi chain strategy and expands how traditional assets move across digital ecosystems.

DTC‑tokenized assets are expected to be made available on the Stellar network in the first half of 2027, supporting the evolution of a more open, interoperable, and efficient financial ecosystem.

Get the full story: https://t.co/YCWHZDiLl5

[Kristin Smith @KristinSmith]

1/ June is almost here – a critical month for getting Clarity to the Senate floor.

After bipartisan passage in Senate Banking, the hard part begins: building the coalition and floor-ready package needed to move this one step closer to the President’s desk.

🧵

[Luigi D'Onorio DeMeo @luigidemeo]

Avalanche Summit is a always top tier,
high signal event.

NYC this year will be at another level, see you there.

[CoinDesk @CoinDesk]

LATEST: Bermuda is working with Circle, Coinbase and Stellar to build what it hopes will be the world’s first fully onchain economy, including a sovereign Bermuda digital dollar.

[Neoclassic Capital @NeoclassicCap]

Our Co-Founder & Managing Partner @MikeBucella joined the Bermuda Digital Finance Forum for a panel on “Allocating Through Uncertainty: Where VCs See the Next Opportunity Set.”

In uncertain markets, we’re focused on durable digital asset opportunities with real distribution, regulatory durability, and useful infrastructure.

Thank you to @BermudaPremier, the @BermudaMonetary, @SALTConference and @PartnersPenrose for the hospitality.

[Olivia Vande Woude @cryptoreine]

Spent last week @SALTConference @DigitalFinForum in Bermuda. A few takeaways:

1/ Direct-to-wallet is net new distribution, but only if the product is designed native.

Sandy Kaul (Franklin Templeton) framed it cleanly: $1.74T AUM, but 0 of it served the cryptonative audience until BENJI & the Kraken-distributed products. This audience didn’t migrate from Schwab; they built their wealth on chain.

Wrapping an existing fund & calling it tokenized is the biggest mistake. The onchain audience demands transferability, composability, & collateral-eligibility… utility beyond holding.

The biz outcome: tokenization stops being defensive (will this eat my book?) and becomes offensive (incremental TAM, net new dollars).

2/ Cross-margining across crypto + RWAs is live @ exchange scale.

Hold BENJI for yield, borrow against it for BTC, use xStocks as collateral. Same dollar working across asset classes.

3/ The offshore flow has reversed, & sovereigns are the next wave.

US founders used to call UK regulators asking how to set up offshore during the Gensler era. Today the calls go the other way.

Sovereign game theory: retail in, institutions in, sovereigns next. Switzerland exposed via MSTR, Luxembourg positioning, Abu Dhabi mining since 2016. Bermuda is the live case study: w/ a merchant stablecoin program + “first onchain economy” framing from Premier Burt at WEF.

The TAM is now defined by 3 decisions: build native to the onchain audience, make products composable as collateral, & choose jurisdictions where both are legal at scale.

[Anthony Scaramucci @Scaramucci]

New episode of All Things Markets (@AllThingsMkts) with myself and the great @novogratz: How Great Markets End + The Bubble Sign Wall Street Is Ignoring

Watch on X or YouTube with the link below.

Timestamps
0:00 Novo and Mooch are back!
0:55 NVIDIA reported record Q1 revenue of $81.6 billion, up 85% year-over-year
4:01 The U.S. 30-year Treasury touched 5.2% this week, its highest since 2007
8:49 Strait of Hormuz latest and Qatar negotiating with Iran to let tankers through
12:21 Are the warning lights going off on the economy?
14:21 SpaceX IPO: Fair, undervalued, or overvalued?
16:01 Great bubbles end with something symbolic
19:23 Bull case: oil lower, Warsh cuts rates, market rips into year-end
21:05 Jeff Bezos on K-shaped inequality and ways to fix it
26:29 Bullish or Bearish
31:01 What made you smile this week?

[Manchester City @ManCity]

"What a time we have had together." 🩵

[Antonio Gracias @AntonioGracias]

I would direct you to the public filing for detailed disclosure about the Valor funds’ correct ownership in shares of SpaceX.  While I’m a large partner in the funds, the majority of the gains go to our LPs. We’re deeply grateful for their belief in us and SpaceX beginning with our first investment in 2006.

[Patrick Collison @patrickc]

Owing to a variety of historical reasons (including, but not only, protectionist lobbying), the U.S. is the only G7 country where regulated payments companies can’t directly access government-run settlement rails. Yesterday's EO from the White House calls for that to change.

This is a very good idea. If regulated payments companies can integrate directly with the Fed, there will be less unnecessary coupling between "fractional reserve banking/leverage/maturity transformation" and "quotidian payments activity", thereby reducing overall systemic risk in the financial system. This would also establish the preconditions for more competition, more innovation, and lower fees.

https://t.co/v2MxjfHdxe

[The Rollup @therollupco]

The @BermudaPremier used to be an IT consultant. He brought the DMV online. It won awards for best government service in the country.

Now he's bringing the entire economy onchain with Stellar and Near.

Automatic vehicle relicensing. Monthly government payment installments through smart permissions. Administration that works before you have to think about it.

He told @ilblackdragon at @NEARProtocol the challenges they were facing and now they have a pilot.

[The Rollup @therollupco]

John Darsie, CEO at SALT, tells the incredible origin story of the @SALTConference, and why @Scaramucci built it.

[The Rollup @therollupco]

Olivia Vande Wounde explains why the future of embedded finance is tokenized finance:

"Embedded finance is what happens when traditional financial products get integrated directly into the apps users already use daily, no banking integrations required."

"The opportunity is embedding tokenized assets into that stack. Tokenized money market funds, private credit, equities, loyalty points, all wrapped in APIs."

"A fintech ships those products in days or weeks instead of building it in-house over months or years."

[Digital Finance Forum @DigitalFinForum]

🎉🇧🇲 We officially onboarded hundreds of residents to digital finance!

The 2026 Bermuda Digital Finance Forum has come to a close, and the Digital Payments Workshop and Market was a massive success.

Residents completed the Digital Payments Workshop, set up their wallets, and stepped into a live market to spend digital dollars.

We onboarded 20+ local vendors to accept digital payments, showcasing the future of Bermuda's local economy.

None of this would have been possible without:

•⁠ ⁠@BdaGovernment, whose support made resident participation in the Workshop and Market possible.

•⁠ ⁠@PartnersPenrose and @SALTConference, who hosted the Forum.

•⁠ ⁠Activation sponsors @coinbase, @circle, @StellarOrg, @Decaf_so, and @krakenfx.

🙏 To every attendee, resident, and vendor who joined us, thank you.

[Anthony Scaramucci @Scaramucci]

There are two kinds of employees right now the ones who understand Claude and the ones who don't says @novogratz

The ones who play with it on weekends and the ones who don't.

You want to be in the first group and it's not just using it — it's pushing it.

Make me an X that does Y. It won't be perfect the first few times.

Keep going.

For older people sitting on a nest egg worried about inflation eating them alive — I'm genuinely sympathetic.

You can't bet your life savings on Nvidia hoping it doubles.

You don't have access to the chip company that's already up 50x for the people who got in eight months ago.

Stay long some stocks. You can buy puts as a hedge — not the most sophisticated strategy, but not a bad one either.

Protect what you've built and learn the tools that are reshaping everything around you.

[Anthony Scaramucci @Scaramucci]

.@novogratz and I are back with a brand-new episode of All Things Markets. We discuss Kevin Warsh, public debt, @RayDalio's debt warning, President Trump's visit to China, what's next for the GENIUS Act, the future of Anthropic, and so much more.

Watch on X, YouTube, and Spotify.

Timestamps
0:00 Mooch and Novo are back!
0:55 Kevin Warsh confirmed as chairman of the Federal Reserve
2:15 Public debt hit $31.27 trillion against a GDP of $31.22 trillion
5:02 The S&P 500 and Nasdaq hit new all-time highs again
7:12 What's the one thing people should do right now to recession-proof their career?
9:47 What happens next in Bitcoin and crypto?
13:02 Ray Dalio's debt warning and possible solutions
15:28 Donald Trump visits China. What effect will it have?
20:52 Anthropic says AI will build itself by the end of 2028
22:53 Bullish vs Bearish
26:11 The CEO of the American Bankers Association tries to kill the GENIUS Act
32:25 A lot to be optimistic about...

[Dave Ripley @DavidLRipley]

Great to kick off the partnership between @Payward (@krakenfx ) and @FranklnTempletn.

This partnership is about building, launching, and growing.

We're already live with tokenized FT ETFs on @xStocksFi, live and growing AUM and transaction volume across dozens of off and on chain networks.

https://t.co/GMvMB36wAz

[🇬🇧 ChartNerd 📊 @ChartNerdTA]

💫 Stellar 🤝🏻 Bermuda 🇧🇲
#OnChain $XLM