Scaramucci Bullish on Bitcoin Returning to $100,000, Calls Current Bear Market Drawdown Historically Rare

SkyBridge Capital founder Anthony Scaramucci expects Bitcoin to break back above $100,000, calling the current phase a clear bear market but with an unusually shallow drawdown.

Why Scaramucci Is Still Bullish on Bitcoin Despite Difficult Conditions

Scaramucci told CNBC's Squawk Box on Tuesday at the Wyoming Blockchain Symposium that Bitcoin has spent nine weeks in its tightest trading range in five years, barely moving since the Iran war began in February.

He cited three reasons for the stagnation.

First, miners shifting computing power to artificial intelligence has disrupted the hash rate and suppressed volatility.

Second, capital is broadly flowing from crypto into AI stocks. Third, four-year-cycle believers recognize that Bitcoin is now nearing the typical end of its bear-market phase, with about 18 to 19 months to go until the next halving.

"I think you'll see this thing trade back up above $100,000," Scaramucci said. "But it's going to grind sideways for a while," he added.

Why He Does Not See the CLEAR Act as a Major Catalyst

Scaramucci pushed back against the notion that the passage of the CLEAR Act would be a rocket booster for Bitcoin.

He conceded that the legislation would be positive in the long run, eliminating regulatory swings between administrations and opening new access for banks.

But he does not see it as a near-term price catalyst, saying the supply-demand gap from the next halving is a more meaningful driver.

He put the probability of the CLEAR Act passing at around 50-50, noting that Sens. Tim Scott and Cynthia Lummis still believe they can get it done by September.

His View on the Current Bear Market

Scaramucci noted that despite presiding over nine bear markets in a 37-year financial career, Bitcoin's current drawdown of roughly 55% is historically shallow.

Prior bear markets saw drawdowns of 75% to 80%. He argued that the shallower drawdown reflects a larger net-buying base building positions for the next bull-phase.

His Take on World Liberty Financial

Asked about the Trump family's World Liberty Financial receiving conditional approval to become a bank, Scaramucci called it a minor event for the broader market.

He argued it would be unfair to prevent the president's adult children from doing business solely because of their father, while noting that the situation requires careful scrutiny of conflicts of interest.

He added that if the CLEAR Act passes, he expects major crypto companies, including Coinbase, to seek banking charters, creating a broader convergence between crypto and traditional banking.