Scaramucci Says Bitcoin Doesn't Need the Clarity Act. He Says Bessent's Bond Move Is What's Really Driving the Rally.

SkyBridge Capital founder Anthony Scaramucci went on CNBC’s Squawk Box on Tuesday to discuss his new book, All the Wrong Moves, and used the appearance to lay out a specific reading of why Bitcoin (CRYPTO:BTC) has rallied over the past…

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SkyBridge Capital founder Anthony Scaramucci went on CNBC’s Squawk Box on Tuesday to discuss his new book, All the Wrong Moves, and used the appearance to lay out a specific reading of why Bitcoin (CRYPTO:BTC) has rallied over the past few weeks. His answer pointed to the long end of the Treasury curve.

Scaramucci’s Bessent Thesis

Asked what moved the market, Scaramucci said, “I think the catalyst was Secretary Bessent basically saying that he was going to step in and try to help the longer end of the curve, whether it’s the ten or the 30 year. People looked at that and said, wait a minute, nothing’s going to stop this train.”

The logic is a liquidity-and-fragility argument. A signal that the Treasury will intervene at the long end tells investors something about the fiscal and monetary conditions requiring intervention. A fixed-supply asset becomes more attractive because of what the signal implies.