[Digital Today reporter Yeseul Kim] SkyBridge Capital founder Anthony Scaramucci drew a line against a market view that tries to explain Bitcoin price volatility with short-term news.

Blockchain media outlet U.Today reported on Wednesday that Scaramucci said Bitcoin has entered a stage where it no longer needs to rely on marketing narratives.

Scaramucci argued that Bitcoin does not need a separate narrative. "Bitcoin doesn't need a narrative. It is the most important invention in modern history," he said. He added that trying to force-fit a short-term issue to every price move has little meaning. He said long-term value is determined not by the news cycle but by a mathematical structure.

Along with Scaramucci's view, recent reasons cited for the pullback included large liquidations of leveraged positions and forced selling by miners to cover operating costs. Retail investor fear amplified the decline, but the assessment was that Bitcoin's fundamentals themselves were not shaken.

Scaramucci also reaffirmed a position he presented in June. In an environment of rising global debt, Bitcoin's issuance cap limited to 21 million is said to work more strongly than any promise. He saw that as spot exchange-traded fund (ETF) infrastructure has been built over the past few years, a permanent institutional framework has formed that prevents the market from slipping into an uncontrollable collapse.

Scaramucci also interpreted the recent rebound as a sign of Bitcoin's maturity. He assessed that Bitcoin has entered a stage where the protocol code itself and mathematically guaranteed scarcity are the best narrative. He effectively highlighted that even as some raise the possibility of changing Bitcoin's supply structure, the market is again focusing on the code and the supply cap.

Ultimately, the focus of this message lies in how the market interprets it, rather than in the price rebound itself. He argued that instead of explaining Bitcoin's short-term ups and downs each time with external news, long-term factors such as the supply cap, an ETF foundation and the supply-demand structure matter more. Regardless of whether the recent rebound continues, where market participants set their benchmark for Bitcoin's price is expected to remain a key point to watch for the time being, the outlet reported.