Real estate investor Grant Cardone predicts that Bitcoin could eventually become part of the collateral stack for property deals, arguing that lenders may one day value both real estate and Bitcoin when underwriting loans. He believes this hybrid approach addresses capital expenditure challenges in the real estate sector and could disrupt the $4 trillion REIT industry.

Fund Allocation and Lender Perception

In a conversation with 10X Money Talks, Cardone disclosed that his latest real estate fund included $105 million in Bitcoin, alongside $95 million in real estate equity and $140 million in debt. He stated that lenders currently give him no credit for the Bitcoin sitting in the fund’s treasury, treating it separately from the real estate collateral.

Cardone expressed optimism that future lending practices would evolve. "I believe in the future Fannie Mae and Freddie Mac are going to lend me money against the combination," he added. "Not just the real estate."

Hybrid Deal Execution and Strategy

Cardone revealed that his firm has completed six hybrid deals totaling more than $1 billion, with about $200 million in BTC purchased without leverage. He described the model as one that institutions may adopt in the future to solve specific problems within real estate financing.

Regarding the management of the digital asset, Cardone said he prefers keeping Bitcoin with a qualified custodian rather than using complex derivative strategies. He argued that the best approach is to "buy it, sit on it, hold it for a long period of time."

Bitcoin Treasury Companies

The discussion also touched on Bitcoin treasury companies such as ProCap and Nakamoto, which were described as trading at steep discounts to their underlying Bitcoin holdings. 10X Money Talks highlighted that investors buying some of these vehicles are effectively getting BTC at a significant discount, similar to the setup of the Grayscale Bitcoin Trust discount before spot Bitcoin ETFs were approved.

Cardone noted that the trade depends on Bitcoin recovering and the discount to net asset value closing over time. He suggested that BTC-focused operating companies could benefit if they combine business revenue with a treasury strategy that accumulates Bitcoin over time.

SkyBridge Capital founder Anthony Scaramucci maintains a long-term bullish stance on Bitcoin, advising investors to allocate roughly 30% of a new portfolio to the cryptocurrency. In an interview with Phil Rose on Thursday, Scaramucci attributed Bitcoin's recent correction largely to its historical four-year cycle and mining economics rather than weakening fundamentals. He emphasized that Bitcoin serves as the operating layer for the future of money and a digital store of value, advising investors to stay invested despite volatility.

Scaramucci outlined a diversified model portfolio that includes Bitcoin, AI investments, U.S. equities, real estate, and gold. While he remains highly convicted, he acknowledged the importance of continuously challenging his own investment assumptions. "I've been humbled by markets," Scaramucci said. "I could be wrong about Bitcoin."

Scaramucci's Bullish Case for Bitcoin

In the final week of June, Scaramucci outlined five reasons he remains bullish on Bitcoin despite the sharp sell-off. He argued that Bitcoin is the only asset immune to government debasement and that the recent decline was driven by forced selling rather than weakening fundamentals. Institutional adoption remains firmly intact, and periods of maximum pessimism often present attractive buying opportunities. Additionally, he noted that BTC capturing even 10% of gold's market role would imply significant upside.

AI as Long-Term Money Winners

Scaramucci compared today's AI leaders to Amazon during its early growth years, arguing that companies such as OpenAI and Anthropic are prioritizing infrastructure investment over near-term profitability. "They're money losers right now, but they're going to be long-term money winners," Scaramucci noted. He cautioned investors to expect significant volatility, including a potential 25% to 35% correction, but to remain focused on the broader secular trend.

Scaramucci acknowledged it is impossible to know whether markets are currently in a bubble until after it bursts. "When the bubble bursts, it is absolutely ruthless," he said. "It's punishing." He also weighed in on reports that OpenAI is exploring a potential government stake ahead of a future IPO.