SkyBridge Capital founder Anthony Scaramucci has conceded that cryptocurrency is in a bear market.
At the same time, he is urging investors to look past the immediate price action and focus on the underlying demographic shifts driving global capital.
In a recent post on X, the vocal Bitcoin advocate has stressed that “the question isn’t if — it’s how long” the bear market will last.
Bitcoin was supposed to act as the ultimate hedge against fiat currency debasement. However, it is currently underperforming expectations in that specific macroeconomic role.
“If this were pure currency debasement panic, Bitcoin should be flying,” Scaramucci wrote.
As the “Mooch” notes, institutional capital is still heavily controlled by older generations who are retreating to traditional safe havens.
“The 60-year-olds who control most institutional capital are buying gold and silver,” he explained. “That’s the demographic tension. Crypto is still young money. Old money moves slower.”
Surviving the exhaustion
Having navigated nine bear markets throughout his Wall Street career, Scaramucci remains unbothered by the chorus of “permanent naysayers chanting ‘it’s over.'”
Extreme bearish sentiment is often a reliable counter-indicator.
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He stressed that market cycles die from pure exhaustion. The largest cryptocurrency rewards those who remain “solvent, unlevered, and psychologically intact.”
The $150,000 target
In January, while speaking on the sidelines of the World Economic Forum, Scaramucci walked back his previous prediction that Bitcoin would hit $170,000 by late 2025. He revised his target to a still-bullish $150,000 for 2026.
The financier admitted that the crypto community had “got overly enthusiastic about the end of repressive regulation in digital assets… and none of that happened.”
He attributed the drop to the ongoing legislative gridlock in Washington regarding the Digital Asset Market Clarity Act (CLARITY Act).