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Bitcoin will hit record highs under a second Biden term, says Scaramucci – DL News
- Capitalist society needs stability, he said.
- Scaramucci says the cryptocurrency industry has already won.
Anthony Scaramucci warned cryptocurrency enthusiasts Donald Trump’s new industrial embrace.
“He was very negative on Bitcoin and digital assets when he was president. Now he’s done a 180 because he wants your vote,” Scaramucci told the wild podcasts.
“Everyone knows what he’s going to do in the White House. It’s extremely transactional.
That’s why Scaramucci, founder of Skybridge Captial and former communications director under Trump, said he will vote for President Joe Biden this November.
He even predicts that Bitcoin and other digital assets will hit a new all-time high under a second Biden administration.
Scaramucci had already predicted that Bitcoin would be successful $170,000 over the following year.
While he may not agree with Biden on policy, he said he will vote for another four years because Biden provides a key ingredient for capital markets: stability.
“If you are a capitalist, the number one thing you need in a capitalist society is the predictability of the rule of law,” he said.
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He reminded viewers that under Biden, Bitcoin went from $17,000 to $70,000.
During that time, the Securities and Exchange Commission also approved 11 different Bitcoin spot exchange-traded funds.
“Yes, we had to win a case, but at least the traditional processes are there,” Scaramucci said, referring to Grayscale’s lawsuit against the SEC on converting the Grayscale Bitcoin Trust into an ETF.
He will also vote for Biden because the administration appears to be changing its stance on cryptocurrencies.
President blocked the removal of a key tax framework called SAB 121that would have made it easier for big banks to hold cryptocurrencies, but Scaramucci expects he will sign something else in the next term of Congress.
This is because the Biden campaign now recognizes the political clout of the crypto community.
“We won and the anti-crypto people lost,” he said. “Go with the rule of law and go with traditional democracy.”
Drivers of the cryptocurrency market
- Bitcoin fell 0.5% in the past 24 hours, settling at $65,480.
- Ethereum is up 5% to $3,500.
What we are reading
Liam Kelly is a DeFi correspondent at DL News. Do you have any advice on elections? Please contact liam@dlnews.com.