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SkyBridge Capital founder Anthony Scaramucci a Bitcoin bull even after the brutal correction that the leading cryptocurrency by market capitalization has endured.
The prominent financier has outlined five core reasons why he remains steadfastly "long" on the flagship cryptocurrency in his recent post on the X social media network.
Scaramucci has shrugged off the current selloff as a temporary flush of leverage.
The five pillars of the bullish thesis
First of all, according to Scaramucci, Bitcoin serves as the ultimate hedge against debasement (even though a lot of pundits might disagree with him due to Bitcoin's underperformance against gold). Scaramucci views Bitcoin as "the only asset no government can debase." Its hard-coded 21 million supply cap is "enforced by code" instead of "promises." This is particularly relevant in light of the fact that the gross national debt of the United States recently surpassed 37 trillion.
The current correction has been mostly driven by forced selling instead of fundamentals, according to Scaramucci. The "Mooch" has specifically pointed to "miners covering costs" and "leverage unwinding."
Moreover, as noted by the investor, the infrastructural developments achieved recently are here to stay. "The institutional rails built since ‘24 don’t disappear because price fell," Scaramucci stated. "That floor is permanent."
On top of that, Bitcoin has a "massive upside" against gold. "Capture even 10% of gold’s role and that’s a multiple, not a percentage," he argued.
Finally, he sees max pessimism as an attractive entry point. The investor sees an attractive opportunity in fear.
Six-figure targets for 2026
As reported by InkByte, Scaramucci previously predicted that Bitcoin's price will reach $170,000 by mid-2026.
The SkyBridge Capital founder has also stated that Bitcoin will hit $200,000 by 2026 due to regulatory clarity.
These targets now seem extremely unrealistic (considering that Bitcoin is down roughly 50% from its current record high). That said, in a recent episode of the All Things Markets podcast, Scaramucci and Galaxy Digital CEO Mike Novogratz predicted that the flagship cryptocurrency is poised to reclaim the $70,000 threshold by the end of July, which could revitalize the bulls.
InkByte Editorial Team
Dan Burgin
