Bitcoin BTC/USD Reaches New All-Time Highs as Regulatory Progress and Macroeconomic Disillusionment Drive Demand

Bitcoin BTC/USD touched a new all-time high of $111,903 on Wednesday, with Skybridge Capital's Anthony Scaramucci attributing the move to a convergence of regulatory progress and macroeconomic disillusionment.

Bitcoin BTC/USD touched a new all-time high of $111,903 on Wednesday, with Skybridge Capital's Anthony Scaramucci attributing the move to a convergence of regulatory progress and macroeconomic disillusionment.

Speaking with CNBC, the hedge fund manager highlighted both bipartisan momentum in U.S. crypto legislation and growing global interest in sovereign Bitcoin reserves as key drivers.

Specifically, Scaramucci pointed to the GENIUS Act and a pending stablecoin bill as crucial, adding, "It's a bipartisan act and I think it's putting to bed the idea that we're going to have a partisan issue around regulation in Bitcoin."

These developments, he said, are opening the door for broader institutional adoption.

"It also opens up pathways for foundations, endowments, institutional investors," Scaramucci noted, further comparing Bitcoin's current status to the Dow Jones Industrial Average of crypto markets.

In terms of price action, Scaramucci explained that Bitcoin's rally is being driven by limited supply and interest from allocators seeking to hedge against U.S. fiscal policy.

"It's thinly volume in terms of the amount of supply that's out there and that's what's pushing the price up so aggressively," Scarucci stated.

Later in the interview, Scarucci touched upon the structural backdrop, highlighting a growing distrust in central bank policy.

"If Bitcoin explodes and becomes an asset as a store of value or potential global currency… it sort of takes the drunk driving, takes the keys away from the central bankers," Scaramucci asserted.

He also acknowledged recent political developments including a controversial crypto dinner hosted by President Donald Trump, adding, "It doesn't feel right to a lot of people… it makes people think of the unseemly side of the blockchain."

On a related note, Scaramucci expressed bullishness on stablecoins, deeming them critical for financial efficiency and dollar strength. "I think that you'll lower the cost of transactions globally and you'll help the unbanked," Scarucci said.

He highlighted their potential role in preserving dollar supremacy, observing that firms like Tether USDT/USD and Circle USDC/USD are already major holders of U.S. Treasuries.

Looking ahead, Scaramucci predicted stablecoins could eventually replace credit card payments.

"You'll come to the hunting fish club, you'll pay with a stablecoin and you'll avoid the 3.5% credit card fee," he concluded.