SkyBridge Capital founder Anthony Scaramucci said Bitcoin (CRYPTO: BTC) is likely to “grind higher” despite weak market sentiment, while warning that the Senate has only a narrow window to pass the CLARITY Act before lawmakers leave for the August recess.

‘Grind Higher‘

In a CNBC interview on July 23, Scaramucci said Bitcoin’s recent consolidation reflects deeply pessimistic investor sentiment rather than deteriorating fundamentals.

“It’s going to grind higher because the sentiment is terrible,” Scaramucci said. CoinMarketCap noted that crypto fear and greed sentiment has consistently remained in the fear zone since mid-May.

Scaramucci pointed to historically depressed fear readings, limited Bitcoin supply available in the market and muted investor interest as conditions that have historically preceded stronger price performance.

These factors create a constructive backdrop even as Bitcoin pauses after its recent rebound.

CLARITY Act Faces Critical Deadline

Scaramucci also addressed the Senate’s updated CLARITY Act draft, which adds ethics provisions after Democrats pushed for stronger safeguards in talks with the White House.

He argued disagreements over enforcement authority could still derail the bill: Democrats now want state attorneys general to share enforcement with the DOJ, a change he said would require broader amendments to federal ethics law.

The biggest problem is the procedural one, he added, noting Congress has roughly two weeks before the August recess. Senate leadership must move immediately for a floor vote before lawmakers leave town.

Scaramucci warned that failure to pass the bill could push crypto companies to keep expanding abroad, despite the industry’s lobbying push.

“If it doesn’t get to the floor, it dies a brutal death,” he said.

Bullish On Crypto Infrastructure

Beyond Bitcoin, Scaramucci reiterated his bullish view on companies building infrastructure for the digital asset economy.

He pointed to crypto-focused businesses such as Coinbase Global Inc. (NASDAQ:COIN), Circle Internet Group Inc. (NYSE:CRCL) and Bullish as examples of firms positioned to benefit from long-term blockchain adoption.

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