Scaramucci Sticks with Bitcoin Bullish Call Amid Price Drop

Anthony Scaramucci, founder of SkyBridge Capital, remains bullish on Bitcoin despite its recent price drop to around $65,000. He attributes the current negativity surrounding the asset to exhausted selling pressure and a lack of fundamental changes.

In an interview with CNBC, Scaramucci stated that 'the sentiment is terrible' and that Bitcoin will 'grind higher.' This aligns with his previous predictions, including a five-point bull case for Bitcoin, which rested on similar logic. He believes that institutional infrastructure remains intact, despite the price fall.

Scaramucci's reasoning also points to historical observations, noting that maximum pessimism often precedes Bitcoin's entry points. He cited the Fear and Greed Index, which sits at 28, indicating a high level of fear in the market.

The CLARITY Act is another topic Scaramucci discussed during the interview. The bill, set to expire soon if not passed before Congress' August recess, would unlock new institutional allocation for Bitcoin. If it fails to make progress, 'it dies a brutal death,' he warned.