Anthony Scaramucci, the founder of SkyBridge Capital, has reaffirmed his bullish stance on Bitcoin despite its recent sharp correction. Sharing his perspective on X, Scaramucci listed five key reasons why his optimism remains intact, attributing the latest downturn not to deteriorating fundamentals but to a temporary flush of leverage from the market.
Sticking to his convictions amid selling pressure
According to Scaramucci, Bitcoin continues to serve as one of the most effective hedges against fiat currency depreciation. He emphasized that the coin’s cap of 21 million is set in code, making it distinctly different from traditional currencies, which can be influenced by political decisions. This perspective has gained even more relevance as the US national debt surpasses 37 trillion dollars.
Scaramucci has described Bitcoin as “the only asset whose value cannot be devalued by any government,” underscoring that its 21 million supply cap is protected by code, not mere promises.
Another key point in the discussion was Scaramucci’s interpretation of the current pullback. He asserted that the downturn is primarily the result of forced selling. In his view, miners selling to cover expenses and the unwinding of leveraged positions have brought short-term pressure on Bitcoin’s price.
Institutional infrastructure remains intact
Scaramucci also highlighted that the robust institutional market infrastructure built since 2024 has not disappeared because of falling prices. SkyBridge Capital has made its name by focusing on alternative investments, and Scaramucci has long been outspokenly optimistic about Bitcoin’s future potential.
As Scaramucci put it, “The institutional infrastructure established since 2024 does not disappear just because the price drops. This foundation is permanent.”
He further argued that Bitcoin has significant upside when compared to gold. According to Scaramucci, if Bitcoin were to capture even a small fraction of gold’s role in global portfolios, the resulting impact could far exceed a modest price rally.
Viewing periods of fear as opportunity
The fifth pillar of Scaramucci’s thesis involved market sentiment. He believes that the bleakest periods often offer the most attractive buying opportunities. This approach has returned to the spotlight as risk appetite among investors has waned following the latest sell-off.
Previously, Scaramucci projected that Bitcoin could reach $170,000 by mid 2026, and said that regulatory clarity could potentially drive the price as high as $200,000 within that year. Although these targets seem ambitious given Bitcoin’s nearly 50 percent decline from its all time high, Scaramucci continues to expect a more modest recovery in the near term.
Expecting $70,000 by the end of July
On a recent episode of the All Things Markets podcast, Scaramucci and Galaxy Digital CEO Mike Novogratz discussed the possibility of Bitcoin reclaiming the $70,000 mark by the end of July. Galaxy Digital is an institutional player providing financial services with a focus on digital assets and blockchain technology.
If this scenario materializes, it could mark a revival of bullish sentiment that has weakened since the correction. Yet, as the article stresses, these are Scaramucci’s interpretations and not definitive predictions on where the market is headed. His outlook mainly reflects how he is reading current trends rather than offering certainties about future price movements.
