Scaramucci Names One Reason to Be Optimistic About Bitcoin Bear Market

Anthony Scaramucci believes Bitcoin’s current bear market could be a sign of strength.

He has argued that the cryptocurrency has avoided the much deeper drawdowns that were typical for the previous bear market cycles.

During his conversation with CNBC’s Andrew Ross Sorkin from the SALT Conference’s Wyoming Blockchain Symposium, the SkyBridge Capital founder said Bitcoin remains in a "clear Bitcoin bear market." However, the relatively modest decline could be seen as a reason to be optimistic.

"Again, 37 years doing this. Nine bear markets. This is a clear Bitcoin bear market," Scaramucci said. "And yet we’ve only had a 55% drop in Bitcoin."

He contrasted the current decline with previous Bitcoin bear markets. "In other bear markets, Andrew, you’ve gotten like a 75-80% drop," Scaramucci said. "So, weirdly, you could take a position. Well, that’s actually a good sign that there’s a lot of net buyers going into the next bull phase of Bitcoin."

Scaramucci’s comments come after Bitcoin suffered a prolonged period of subdued price action.

"It really hasn’t moved much at all," Scaramucci said. "When the war started in February, it was roughly the same price that it is today. So it’s been grinding."