SkyBridge Capital founder Anthony Scaramucci remains a steadfast Bitcoin bull, despite the recent sharp correction that has wiped out roughly 50% of the cryptocurrency's value from its all-time high. In a detailed post on the X social network, he laid out five core pillars supporting his long position.
1. The Ultimate Debasement Hedge: Scaramucci calls Bitcoin "the only asset no government can debase." With the U.S. national debt surpassing $37 trillion, he argues Bitcoin's hard-capped supply of 21 million coins — enforced by code rather than promises — makes it a superior store of value, even if some critics point to its underperformance versus gold.
2. Forced Selling, Not Fundamental Weakness: The current sell-off, according to Scaramucci, is primarily driven by "miners covering costs" and "leverage unwinding" — a temporary flush of leveraged positions rather than a loss of faith in Bitcoin's fundamentals.
3. Permanent Institutional Infrastructure: He emphasized that the institutional rails built since 2024 — such as custody solutions, trading desks, and regulatory frameworks — are here to stay. "That floor is permanent," he stated, indicating that even if prices fall, the infrastructure underpinning Bitcoin adoption remains intact.
4. Massive Upside versus Gold: Scaramucci sees enormous growth potential if Bitcoin captures even a small portion of gold's market role. "Capture even 10% of gold’s role and that’s a multiple, not a percentage," he argued, suggesting the rally could be exponential.
5. Max Pessimism as an Entry Point: Finally, he views extreme fear in the market as an attractive opportunity, echoing the contrarian investing principle of buying when sentiment is at its worst.
Scaramucci also reiterated his six-figure price targets: $170,000 by mid-2026 and $200,000 by year-end, driven by expected regulatory clarity. While these targets now appear distant, he and Galaxy Digital CEO Mike Novogratz predicted on a recent podcast that Bitcoin could reclaim $70,000 by the end of July, potentially reviving bullish momentum.
