SkyBridge Capital founder Anthony Scaramucci believes that President Joe Biden will eventually cater to the crypto industry, despite the opposition of SEC Chair Gary Gensler. In an interview with journalist David Lin, Scaramucci mentioned that Biden seems to be softening his stance on Bitcoin and cryptocurrencies following the approval of spot Ethereum ETFs last week. Scaramucci believes that Biden may change his approach to Bitcoin and crypto assets in order to avoid losing votes from swing states.
Scaramucci also commented on the approval of the Staff Accounting Bulletin (SAB) 121 by the SEC, which requires certain companies to label digital assets as liabilities on their balance sheets even if they are holding the assets on behalf of customers. He believes that Biden’s team may pivot towards supporting Bitcoin and other crypto assets despite opposition from figures like Elizabeth Warren and Gary Gensler. Scaramucci highlighted the importance of Biden not wanting to lose the election due to the influence of these individuals.
When discussing the future of Bitcoin, Scaramucci expressed his optimistic outlook, suggesting that Bitcoin could potentially reach as high as $700,000 in the next decade and a half. He pointed out that Bitcoin is still a relatively new asset with only 5% adoption in the United States. Scaramucci believes that if Bitcoin continues to grow and gain adoption at the same rate as it has in the past 10 years, reaching a $300,000 to $500,000 price range is feasible. He compared Bitcoin’s current market cap of $1.5 trillion to gold’s $16 trillion market cap, indicating the potential for Bitcoin to increase significantly in value.
As of the time of writing, Bitcoin is currently trading at $69,420. Scaramucci’s positive outlook on Bitcoin’s future potential is based on its technical properties and scalability. He believes that Bitcoin has the potential to 10x in value over the next 15 years, reaching levels that could rival gold’s market cap. Scaramucci’s perspective reflects a growing optimism within the crypto industry regarding the long-term potential of Bitcoin and other cryptocurrencies.
In conclusion, Scaramucci’s insights shed light on the evolving dynamics between the Biden administration, the SEC, and the crypto industry. His views suggest that President Biden may ultimately support the crypto industry to avoid losing votes, despite opposition from key figures within the government. Additionally, Scaramucci’s bullish outlook on Bitcoin’s future value emphasizes the potential for significant growth in the crypto market over the coming years. As the crypto industry continues to evolve and gain mainstream acceptance, Scaramucci’s perspective offers valuable insights for investors and enthusiasts alike.
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