Scaramucci Defends Bitcoin Amid Price Decline
Anthony Scaramucci, founder of SkyBridge Capital, defended Bitcoin's long-term prospects despite its recent price decline. In a post on X, he called it 'intellectually defensive' in an environment marked by rising sovereign debt and monetary uncertainty.
Scaramucci argued that Bitcoin represents a neutral, non-sovereign, digitally native store of value. He said it would fill a role in modern portfolios that traditional financial assets do not. Despite short-term volatility, he believed the long-term case for Bitcoin remains intact.
Gold prices surged to $5,189, up 1.58% over the past day and its highest level in over three weeks. Meanwhile, Bitcoin traded down by roughly 26% over the past month. President Donald Trump's decision to raise global tariffs from 10% to 15% added to policy uncertainty, dragging down global risk assets such as cryptocurrencies.
Bitwise Chief Investment Officer Matt Hougan pushed back on criticism of Bitcoin's volatility, calling it 'an emerging store of value.' He noted that price swings are a part of the process as the asset evolves toward broader acceptance. Hougan compared Bitcoin's early years to a period of '100% speculation' before eventual monetary maturity.