Scaramucci Sees Bitcoin Pushing Back Above $100,000

SkyBridge Capital founder Anthony Scaramucci remains bullish on Bitcoin, predicting it will rise back above $100,000. Speaking at Wyoming's Blockchain Symposium, he attributed the current market stall to several factors. Firstly, miners shifted their compute power towards AI, affecting hash rate and volatility. Secondly, capital flowed out of crypto into AI stocks. Thirdly, proponents of the four-year cycle believe Bitcoin is approaching its typical bear phase end, roughly 18-19 months from the next halving.

Scaramucci acknowledged that despite the current bear market, this drop of around 55% is historically shallow compared to prior bear markets, which saw declines of 75-80%. He also downplayed the impact of the Clarity Act passing, saying it's not a near-term price catalyst. Instead, he emphasized the supply-demand differential from the next halving as the more meaningful driver.

Regarding World Liberty Financial receiving conditional approval to become a bank, Scaramucci considered it a minor development for the broader market. He argued that preventing the president's adult children from conducting business solely because of their father's position is unfair and warrants careful scrutiny for potential conflicts of interest.