Anthony Scaramucci is using Bitcoin's 43% drawdown from its October 2025 peak to make the boldest version of his long-running argument: that the digital asset has already met every historical test for money and that the current weakness is just the cost of staying in the trade.
In an April 19 post on X, the SkyBridge Capital founder and former White House communications director laid out a philosophical case rather than a price-target one.
"A dollar bill is made of linen and cotton," Scaramucci wrote. "But we accept it because we trust it."
"Over 16 years, Bitcoin has built its own trust system — decentralized, no central authority, no single point of failure," he continued. "It's becoming part of the model portfolio for individuals and institutions worldwide."
His closing line is the one circulating most widely on crypto Twitter: "Every characteristic that has defined money throughout human history — Bitcoin checks every single box. That's why I'm bullish."
The post landed as Bitcoin traded around $74,500, down 1.62% on the day and roughly 43% below the $126,000 high it printed in October 2025. A day earlier, on SoFi's The Important Part podcast, Scaramucci used the drawdown to frame a broader argument about what owning Bitcoin actually costs over a cycle.
"This isn't the kind of drawdown that's a warning sign," Scaramucci said on the podcast, which aired roughly a week before his X post. "It's the price of admission."
Scaramucci, who described himself as a 38-year investing veteran who has lived through 10 bear markets, said Bitcoin's four-year halving cycle is playing out on schedule. The network's block subsidy dropped from 900 coins per day to 450 roughly two years ago, tightening the supply even as ETF demand from BlackRock's IBIT and others absorbed new flows. He attributed the October top to a combination of over-leveraged positioning, whale selling from long-term holders who finally rang the register above $100,000, and fading expectations that the GENIUS Act on stablecoins and the CLARITY Act on market structure would both clear Congress in 2025.
"People at the top get over-leveraged, they get very ebullient, they get very talky, optimistically, at the top," Scaramucci said. "Chatty at the top."
He pinpointed October 10 — when then-president Trump's remarks on rare-earth minerals and China triggered a broad risk-off move — as the pin that pulled the broader crypto unwind.
Not everyone bought the sermon. Economist Tony Annett pushed back on X, arguing that Bitcoin fails the three classical tests of money: a medium of exchange, a unit of account, and a reliable store of value. Annett's critique echoed the skeptic case that Bitcoin's volatility, which Scaramucci wears as a badge of the asset class, is precisely what disqualifies it from functioning as money in any practical sense.
Scaramucci's retort, implicit in his framing, is that money has always been a social construct. Linen and cotton work because people accept them; ledger entries on a decentralized blockchain can work for the same reason, once enough counterparties agree. SkyBridge's position — Scaramucci described the firm as making "a strategic decision to go in big" on Bitcoin — bets that the institutional consensus is already past the tipping point.
For now, the market is caught between his framing and Annett's. Bitcoin's price chart is what it is; the political economy of the CLARITY Act, still stuck in Congress, is the swing factor on whether the cycle runs another leg higher or grinds sideways through the second half of 2026.