 ▲ Bitcoin (BTC), decline, bear market / ChatGPT-generated image |
Anthony Scaramucci, founder of SkyBridge Capital, has officially acknowledged that the cryptocurrency market has entered a bear phase. He emphasized that investors should focus not merely on price fluctuations but on capital flows driven by demographic shifts.
According to cryptocurrency media outlet U.Today on February 22, Scaramucci stated on his X (formerly Twitter) account that Bitcoin (BTC) has fallen short of expectations as a hedge against currency debasement. He analyzed that if currency depreciation had been the market’s only variable, Bitcoin’s price would have already surged dramatically.
He identified the imbalance of capital control between generations as a key reason for Bitcoin’s undervaluation. Investors in their 60s, who control a significant portion of institutional capital, still prefer traditional safe-haven assets such as gold and silver. While cryptocurrencies remain largely assets of the younger generation, the movement of old money has been extremely slow, and he predicted that generational change will become a decisive factor in determining the market’s direction.
A sluggish regulatory environment has also been cited as a factor exacerbating the market downturn. Delays in advancing the U.S. cryptocurrency market structure bill, known as the CLARITY Act, have prolonged legislative gridlock and dampened investor sentiment. Based on these factors, Scaramucci revised his Bitcoin price target downward from $170,000 by the end of 2025 to $150,000 in 2026.
Having experienced nine bear markets on Wall Street, he interpreted the current extreme pessimism as a potential signal of a rebound. He advised that market cycles only end after a thorough process of capitulation and that the winners who survive a downturn will be those who reduce leverage and secure liquidity.
The growing pains associated with Bitcoin’s integration into the traditional financial system are expected to ease as generational shifts in institutional capital align with greater regulatory clarity. Market participants are observing the broader migration of capital rather than reacting to short-term declines.
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