Skybridge Capital founder Anthony Scaramucci and Joy Pathak joined CoinDesk Live from Consensus Hong Kong. Pathak, a former bond trader who once managed a $40 billion portfolio at CalPERS, explains why leverage didn’t die after the recent market crash—it simply moved into a new, more transparent era. He breaks down how the rise of decentralized exchanges like Hyperliquid and Aevo has handed institutional-grade tools to retail traders, creating an environment where every multi-billion dollar position is visible to the entire world in real-time.
Scaramucci argues that while some Wall Street ‘fuddy-duddies’ fear volatility, crypto’s 24/7 liquidity actually makes it a safer market than traditional finance. By comparing the ability to hedge an exogenous risk on a Sunday night to the ‘trapped’ nature of closed bond markets, Scaramucci and Pathak illustrate why the ‘horseless carriage’ of blockchain is destined to outrun legacy systems. This episode was hosted live by Jennifer Sanasie and Will Foxley at Consensus Hong Kong 2026, presented by Hex Trust.
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