SkyBridge Capital founder Anthony Scaramucci revealed five reasons on Saturday for maintaining a long position on Bitcoin (CRYPTO: BTC) despite its ongoing bear market.
Scaramucci Builds Bullish Case For Bitcoin
Scaramucci posited in an X post that Bitcoin’s hardcoded 21 million supply cap is its most powerful safeguard against monetary debasement by governments—particularly relevant amid America’s rapidly mounting national debt, currently over $37 trillion.
He then dismissed the recent selloff as “forced” and not a reflection of “broken fundamentals.”
Scaramucci had earlier described Bitcoin’s ongoing trajectory as a “self-fulfilling prophecy,” in which traders, expecting a four-year cycle, begin selling and thereby make that outcome a reality.
‘Max Pessimism’ A Historical Buying Opportunity?
The former White House Communications Director also highlighted the institutional infrastructure built since 2024, including the spot Bitcoin exchange-traded funds, asserting that it won’t disappear due to a price drop.
It’s worth noting that Bitcoin ETFs have experienced six consecutive weeks of net outflows, according to data from SoSo Value, with $2.26 billion in this month alone.
Scaramucci further compared Bitcoin’s $1.3 trillion market cap to gold’s $29 trillion, suggesting that if Bitcoin captures even 10% of gold’s role, it would represent a multiple, not a percentage.
Lastly, he viewed “maximum pessimism” as the entry point, noting that every bottom looked like this.
When Will Bitcoin’s Bull Market Start?
Scaramucci has been a long-standing advocate of Bitcoin and stated last week that it’s been "very consistent" with the typical four-year cycles.
He deemed the current cycle shallower than previous ones, predicting a rally late in the 4th quarter of 2026 into early 2027.
Scaramucci previously revealed that over 70% of his net worth is invested in Bitcoin, and has set a $1 million price target for the asset by 2032.
Price Action: At the time of writing, BTC was exchanging hands at $64,170.55, up 0.14% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Al Teich / Shutterstock.com
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