SkyBridge Capital founder Anthony Scaramucci argues that the recent 14.37% weekly surge in Bitcoin is driven by Treasury Secretary Scott Bessent's signal to support long-term yields, not by pending legislation. The claim complicates the prevailing narrative that the Clarity Act is the primary catalyst for digital asset adoption, suggesting instead that macroeconomic fragility is the true engine behind the price action. Bitcoin currently trades near $85,732, a level that masks a deeper structural trend as the asset remains down 23.32% over the past year.
The case for the bond-market thesis rests on the visible pressure in the long end of the Treasury curve. Scaramucci noted that Bessent's statement regarding intervention in the 10-year and 30-year sectors sent a specific message to investors about fiscal conditions. The data supports this observation. On September 21, 2026, the 10-year yield stood at 4.96%, while the 30-year yield was at 5.29%. This pressure follows a period where the 10-year yield was 4.79% on September 1, 2026. The narrowing of the 10-year minus 2-year spread to 0.20% on September 21, down from 0.50% on August 21, highlights the shifting dynamics Scaramucci is describing. His logic is that a fixed-supply asset becomes more attractive when signals indicate the need for intervention in the long end of the curve.
The counterargument centers on the legislative angle, which Scaramucci explicitly dismisses as a driver for Bitcoin. He stated that the Clarity Act would primarily benefit tokenization and layer-one tokens, whereas Bitcoin functions as a standalone digital store of value. This distinction separates the utility of the asset from the regulatory framework surrounding other digital assets. Scaramucci also attributed part of the recent move to a short squeeze over the last three weeks, a claim that adds a positioning element to the macroeconomic narrative. He grounded his adoption argument with a personal transaction, noting that selling Bitcoin on September 15 to pay taxes resulted in proceeds hitting his JPMorgan account in about ten minutes.
On balance, the read-through is that the rally is a recovery inside a down year rather than a new bull market. The CBOE Volatility Index closed at 14.87 on September 21, indicating that broad equity fear was not elevated during this period. Whether the September rally reflects the bond-market channel, positioning, or legislative disappointment is genuinely contested. The line to watch is the long end of the Treasury curve, available at Treasury's official yield data page, alongside Bitcoin's price to determine which explanation holds up. Bitcoin is up 11.21% over one month but remains down 1.20% year to date, a divergence that defines the current market tension.