Anthony Scaramucci, founder of SkyBridge Capital, has voiced strong support for Solana's role in revolutionizing the financial industry. According to him, Solana will help save as much as $7 trillion on financial transactions.
The hedge fund veteran and former White House Press Secretary spoke at the Solana Breakpoint 2024 conference. He highlighted the blockchain's potential to eliminate inefficiencies in securities trading.
Scaramucci pointed out the current complexities in the industry. "The problem in the securities industry: it's not one-third party, it's actually seven or eight different parties," he stated. This multi-party system introduces significant friction in transactions.
He drew from his extensive experience, noting the progress made in transaction times over the past 35 years. "When I joined the industry 35 years ago, it was trade day plus 5 (T+5). I think we're down to trade day plus 1 (T+1)," Scaramucci said.
Despite these improvements, he believes further optimization is possible. Scaramucci envisions a future where blockchain technology streamlines the entire process and sees Solana as a key player in this transformation.
The potential impact of this change is substantial. Scaramucci estimates that $7 trillion is spent globally on transaction verification, this includes costs associated with credit card transactions and wire transfers.
He suggests that tokenization on the Solana blockchain could revolutionize this system. "Once we clarify or are able to unwind our trades, this system is actually a flawless and near-perfect system," Scaramucci explained.
The hedge fund manager expressed personal confidence in Solana.
"I own a lot of Solana and I believe it will, I believe it eventually will," he stated. This suggests a long-term bullish outlook on the blockchain's prospects.
Scaramucci's vision extends beyond mere cost-saving. He sees potential for broader economic benefits. By eliminating third parties and leveraging distributed networks, he believes trust can be established more efficiently. The ultimate goal, according to Scaramucci, is to redirect the $7 trillion currently spent on verification. "Just imagine if we could start tokenizing things and take third parties out of the equation, use the distributed network to trust each other, and take that $7 trillion and put it back into the economy," he said.
At the time of the conference, Solana was trading at $146.04. This price point reflects current market valuation, but does not account for potential future growth based on Scaramucci's predictions.