Scaramucci's comments followed a 26% decline in Bitcoin's price in the past month.
- Scaramucci spoke in favour of Bitcoin, citing the ‘macro trajectory of debt’ and AI disruption as ‘reasonable’ reasons to be bullish.
- As gold skyrocketed to over $5,000, Bitcoin fell nearly 26% over the past month, pushing market watchers to bet on one asset against another.
- Bitwise’s Matt Hougan jumped into the debate, calling Bitcoin an “emerging store of value,” arguing that volatility is part of its maturation.
Anthony Scaramucci, founder of SkyBridge Capital, said on Monday that Bitcoin (BTC) remained “intellectually defensive” as gold traded near record highs.
In a post on X, Scaramucci argued that Bitcoin represented “a neutral, non-sovereign, digitally native store of value” in an environment marked by rising sovereign debt, geopolitical fragmentation, and monetary uncertainty. He wrote that despite short-term volatility, the long-term case for Bitcoin remained intact and that it would fill a role in modern portfolios that traditional financial assets did not.
Meanwhile, Gold traded at $5,189, up 1.58% over the past day and hit its highest level in over three weeks. Scaramucci’s remarks came as Bitcoin traded down by roughly 26% over the past month.
Bitcoin (BTC) was trading at $65,963, down by 2.3% over 24 hours. On Stockwits, the retail sentiment around BTC remained in the ‘bearish’ territory as chatter levels around it remained ‘low’ over the past day
President Donald Trump's decision to raise global tariffs from 10% to 15% added to policy uncertainty, dragging down global risk assets such as cryptocurrencies, according to BitUnix experts. In the cryptocurrency market, Bitcoin's decline has flushed long holdings, but rising short interest at $70,000 indicates ongoing caution amid global uncertainties.
Debate Over Bitcoin’s Store-Of-Value Role
Economist Judd Tuld questioned Bitcoin’s defensive credentials, noting that while the S&P 500 posted modest gains over the past month, Bitcoin declined sharply. He argued that such volatility challenged the classification of Bitcoin as a store of value.
Bitwise Chief Investment Officer Matt Hougan also addressed the debate. Hougan pushed back on criticism of Bitcoin’s volatility, writing, “Bitcoin is an emerging store of value. You cannot ask it to emerge from nothing as mature as gold.”
He added that Bitcoin remained in a transitional phase, comparing its early years to a period of “100% speculation” before eventual monetary maturity. Hougan argued that price swings were a part of the process as the asset evolved toward broader acceptance.
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