Anthony Scaramucci, the founder of SkyBridge Capital, recently made some bold predictions about the future potential of Bitcoin and cryptocurrency. He stated that Bitcoin could reach new all-time highs (ATH) if his preferred presidential candidate wins the upcoming election. Scaramucci believes that the market will witness a new ATH for Bitcoin during a potential second term for Biden, with the flagship crypto rising to between $170,000 and $250,000.
Scaramucci’s support for Joe Biden is evident in his predictions, as he claims that the current government is not anti-crypto. He pointed out that the approval of Spot Ethereum ETFs and the potential for more layer-1 ETFs signal a positive direction for the industry under Biden’s administration. Despite Biden vetoing the SAB 121 bill, Scaramucci remains optimistic about the future of crypto regulation, suggesting that a crypto bill could be passed in the next congressional term.
It is noteworthy that Scaramucci, who served as the White House Director of Communications under former President Trump, is now supporting Biden. This shift in allegiance is surprising, especially considering Trump’s recent statements in support of cryptocurrencies. Scaramucci, however, explained that he does not support Trump due to what he perceives as a “transactional” nature, suggesting that Trump’s support for crypto may be politically motivated.
Scaramucci claimed that the crypto industry has already won significant battles, particularly against individuals like Senator Elizabeth Warren and Gary Gensler, whom he likened to Trump in terms of being authoritarian and autocratic. He highlighted the industry’s victories over the Securities and Exchange Commission (SEC) in court cases, indicating a growing resistance to regulatory overreach.
Political Pressure and Regulatory Outlook
The influence of Biden’s administration and campaign team on the SEC’s approach to crypto regulation is apparent according to Scaramucci. He suggested that the negative stance towards crypto is detrimental to Biden’s campaign, potentially leading to more favorable regulations in the future.
Scaramucci’s predictions and insights into the future potential of Bitcoin and cryptocurrency offer a unique perspective on the industry’s trajectory. The interplay between political dynamics and regulatory developments will likely shape the future of crypto in significant ways, and it will be interesting to see how these predictions unfold in the coming months and years.
