Scaramucci: 'We're through the bear market' as Bitcoin notches up 70% YTD
Following Bitcoin’s (BTC) stellar start to 2023, SkyBridge Capital founder Anthony Scaramucci believes “we’re through the bear market” and expressed confidence in his firm's crypto investments.
However, "the Mooch" qualified the statement by adding, “That is a guess. We don't know.”
In an April 6 interview with Yahoo Finance, Scaramucci noted that Bitcoin has consistently outperformed every other asset class over longer periods of time, saying:
Scaramacci also expressed his bullish outlook for the leading crypto by market cap ahead of the next halving cycle, which is set to take place in early March 2024 according to NiceHash.
Bitcoin has historically operated on a four-year cycle, with the start of an upwards trend occurring soon after each halving cycle.
The theory behind the price cycle is that block rewards being halved makes the BTC in existence more scarce, and therefore more valuable.
Bitcoin has recorded gains of nearly 70% in 2023 according to Cointelegraph Pro, increasing from $16,521 to $28,060 compared to the S&P 500 index rising by just over 7% during the same time period.
Bitcoin’s enviable start to 2023 also comes amid what can only be described as poor market and regulatory conditions that may yet weigh down the price.
Crypto institutions based in the United States are struggling to find banking partners and liquidity following the collapse of crypto-friendly banks such as Silvergate, Silicon Valley, and Signature Bank and there are fears that the U.S. is putting into place a policy to prevent banks from interacting with crypto.
Related: Bitcoin ‘faces headwinds’ as US money supply drops most since 1950s
Additionally, the two largest crypto exchanges in the world according to CoinMarketCap — Binance and
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