Scaramucci Says Bitcoin Doesn’t Need the Clarity Act. He Says Bessent’s Bond Move Is What’s Really Driving the Rally.
Anthony Scaramucci thinks everyone is watching the wrong catalyst for Bitcoin's recent surge, and his argument points to a corner of the bond market most crypto investors are not watching.
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SkyBridge Capital founder Anthony Scaramucci went on CNBC’s Squawk Box on Tuesday to discuss his new book, All the Wrong Moves, and used the appearance to lay out a specific reading of why Bitcoin (CRYPTO:BTC) has rallied over the past few weeks. His answer pointed to the long end of the Treasury curve.
Scaramucci’s Bessent Thesis
Asked what moved the market, Scaramucci said, “I think the catalyst was Secretary Bessent basically saying that he was going to step in and try to help the longer end of the curve, whether it’s the ten or the 30 year. People looked at that and said, wait a minute, nothing’s going to stop this train.”
The logic is a liquidity-and-fragility argument. A signal that the Treasury will intervene at the long end tells investors something about the fiscal and monetary conditions requiring intervention. A fixed-supply asset becomes more attractive because of what the signal implies.
What the Long End Actually Did This Month
The bond-market condition Scaramucci is describing is visible in the Treasury data. On September 21, 2026, the 10-year yield stood at 4.96%, the 20-year at 5.33%, and the 30-year at 5.29%. Earlier in the month, on September 1, 2026, the 10-year was 4.79% and the 30-year was 5.27%. The long end has been under pressure through September, which is the pattern Scaramucci is pointing to.
The 10-year minus 2-year spread narrowed to 0.20% on September 21, 2026, down from 0.50% on August 21, 2026. The CBOE Volatility Index closed at 14.87 on the same date, showing broad equity fear was not elevated.
Why He Set the Clarity Act Aside
On the legislative angle, Scaramucci was direct: “I think very much so. I mean, listen, you know the Clarity Act would have helped tokenization. The Clarity Act would have helped some of the layer one tokens. I think Bitcoin is a standalone as a digital store.” He distinguished Bitcoin from tokenization use cases rather than treating the bill as a forward catalyst, according to SkyBridge Capital.
Uber Analogy and a Personal Sale
Scaramucci made an adoption argument: “If the technology is better than the existing technology, it eventually gets adopted. We weren’t ready for Uber. Andrew and the people wanted Uber. The taxi commission didn’t want Uber. The mayors didn’t want Uber. Right. I submit to everybody here if the technology is better than the existing technology, it eventually gets adopted.” That is an argument about incumbent resistance, according to SkyBridge Capital.
Scaramucci grounded the point with a personal transaction: he said he sold Bitcoin on the 15th of September to pay taxes, and the proceeds hit his JPMorgan account in about ten minutes. On tokenized markets, he said investors would see “finality in hours, post the days” and fewer intermediaries, according to SkyBridge Capital. He attributed part of the recent move to a short squeeze over the last three weeks, which we cannot independently verify.
Where Bitcoin Actually Is
Bitcoin traded at $85,732.79 as of 13:42 UTC on September 22, 2026, and crypto prices move continuously. Over one week, Bitcoin is up 14.37%, from $75,584.17 on September 15, 2026. Over one month, it is up 11.21%, from $77,729.36 on August 23, 2026.
Bitcoin is down 1.20% year to date and down 23.32% over one year. The move Scaramucci is describing is a recovery inside a down year.
What Would Prove Him Right
Scaramucci’s claim is testable in principle. He is arguing that intervention at the long end is a signal about conditions rather than a reassurance about growth, and that a fixed-supply asset benefits from that reading. Whether the September rally reflects that channel, positioning, legislative disappointment, or something else is genuinely contested. Readers can watch the long end of the Treasury curve, which is available at Treasury’s official yield data page, alongside Bitcoin’s price to see which of those explanations holds up.
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AJ spent 10 years writing about financial markets at The Motley Fool. His coverage centers on technology stocks and the broader macroeconomic trends, from interest rates to geopolitics, that shape where markets are headed next. AJ is drawn to the stories where big-picture economics and individual companies collide.
