Anthony Scaramucci, founder of SkyBridge Capital, said Bitcoin is in a “clear Bitcoin bear market,” but he sees the relatively shallow drawdown as a reason for optimism. Speaking with CNBC’s Andrew Ross Sorkin at the SALT Conference’s Wyoming Blockchain Symposium on August 18, 2026, Scaramucci noted that Bitcoin has fallen roughly 55%, compared with declines of 75% to 80% in previous bear markets.
“Again, 37 years doing this. Nine bear markets. This is a clear Bitcoin bear market,” Scaramucci said. “And yet we’ve only had a 55% drop in Bitcoin.” He argued that the smaller loss could indicate more net buyers are positioning for the next bull phase.
Scaramucci attributed Bitcoin’s muted price action to several factors: capital leaving crypto for artificial intelligence investments, some Bitcoin miners shifting toward AI-related opportunities, and Bitcoin’s traditional four-year cycle. He said the market is about 18 or 19 months away from the next halving, which is expected in 2028.
The latest halving occurred in April 2024, reducing the mining reward from 6.25 BTC to 3.125 BTC per block. The next halving is expected to cut the reward further to 1.5625 BTC. Scaramucci believes that supply reduction, combined with sustained demand, could eventually push Bitcoin back above $100,000, though he expects a period of consolidation first.
Institutional participation has also changed the market structure, with spot Bitcoin ETFs expanding regulated access for traditional investors and broadening Bitcoin’s investor base compared with earlier cycles.
