Scaramucci Credits Bessent's Treasury Move for Bitcoin Rally

SkyBridge Capital founder Anthony Scaramucci attributed Bitcoin's recent rally to Secretary Bessent's decision to support longer-term Treasury yields, not the Clarity Act. Speaking on CNBC's Squawk Box, Scaramucci said that Bessent's move helped drive up demand for a fixed-supply asset like Bitcoin. He pointed out that the 10-year and 30-year Treasury yields have been under pressure, with the 10-year yield narrowing to 0.20% from 0.50% on August 21.

Scaramucci dismissed the Clarity Act as irrelevant to Bitcoin's price action, stating it would primarily benefit tokenization and layer-one tokens. He also made an analogy about Uber adoption, suggesting that if a technology is better than existing solutions, it will eventually be adopted. Scaramucci attributed part of the recent move to a short squeeze over the last three weeks.

Bitcoin currently trades at $85,732.79, up 14.37% over the past week and 11.21% in the past month. However, it is still down 1.20% year-to-date and 23.32% over one year.