Anthony Scaramucci, the founder of SkyBridge Capital, has made a bold prediction that Bitcoin could reach unprecedented all-time highs (ATH) if his preferred presidential candidate, Joe Biden, secures a second term. According to Scaramucci, the cryptocurrency market is poised for significant growth, with Bitcoin potentially soaring to between $170,000 and $250,000. His optimism is fueled by recent positive developments in the crypto industry and a belief that the current administration’s stance on digital currencies is more favorable than perceived.
Bitcoin’s Potential ATH Under Biden Administration
In a recent interview on the Unchained podcast, Scaramucci expressed his confidence in a bullish future for Bitcoin if President Biden wins re-election. He envisions Bitcoin reaching between $170,000 and $250,000 during Biden’s second term. Scaramucci, a former White House Director of Communications under Donald Trump, has surprisingly thrown his support behind Biden, highlighting several key factors that could drive Bitcoin’s value to new heights.
One of the primary reasons for his optimism is the approval of Spot Ethereum ETFs and the potential for more layer-1 ETFs. Scaramucci believes these approvals indicate a positive shift in the regulatory environment for cryptocurrencies. He also noted that despite Biden’s veto of the SAB 121 bill, a crypto-friendly bill could be introduced and signed in the next congressional term. This perspective challenges the notion that the current government is anti-crypto, suggesting instead that there is room for growth and development in the sector.
The Shift in Crypto Regulation
Scaramucci is particularly bullish about the future regulatory landscape under a second Biden administration. He believes that the “anti-crypto nonsense” spearheaded by figures like Senator Elizabeth Warren and SEC Chairman Gary Gensler will be a thing of the past. Scaramucci’s confidence stems from the idea that Biden’s administration and campaign team have realized that an anti-crypto stance could be detrimental to Biden’s re-election bid.
This shift is further evidenced by the crypto industry’s recent victories against the SEC in court. Scaramucci pointed out that the SEC has faced multiple defeats, including instances where the Commission had to pay fines and face judicial rebukes. These legal victories have bolstered the industry’s position and demonstrated its resilience against regulatory challenges.
Interestingly, Scaramucci’s support for Biden over Trump, despite the latter’s recent pro-crypto statements, is rooted in his belief that Trump is “very transactional.” Scaramucci argues that Trump’s sudden shift in favor of cryptocurrencies is more about garnering votes from the crypto community rather than a genuine commitment to the sector. He recalls Trump’s anti-crypto stance during his presidency, suggesting that the former president’s current position is inconsistent and politically motivated.
Crypto’s Triumph Over Regulatory Hurdles
Scaramucci asserts that the crypto industry has already won significant battles against its detractors, particularly Warren and Gensler, whom he describes as “authoritarian and autocratic.” He likens their approach to that of Trump, suggesting that their strict regulatory measures have ultimately been overcome by the crypto community. The industry’s resilience and ability to secure favorable court rulings have positioned it for future success.
He further emphasized that the Biden administration’s internal pressure on the SEC to adopt a more crypto-friendly stance is a testament to the industry’s influence. According to Scaramucci, Biden’s campaign team recognizes that aligning with the crypto sector could be beneficial for the president’s re-election prospects. This recognition marks a significant shift in the political landscape, suggesting that the battle for crypto acceptance is tilting in favor of the industry.
The Future of Crypto Under a Biden Second Term
Scaramucci’s optimistic outlook is not just based on past victories but also on the potential for future growth. He believes that the positive momentum in the crypto sector will continue, driven by favorable regulatory changes and increased institutional adoption. The approval of Spot Ethereum ETFs and the prospect of more layer-1 ETFs are seen as pivotal developments that could pave the way for further mainstream acceptance of cryptocurrencies.
In conclusion, Anthony Scaramucci’s prediction of Bitcoin reaching new ATHs under a second Biden administration is rooted in his belief that the current regulatory environment is evolving positively. Despite initial skepticism, the approval of key ETFs and the potential for future legislative support suggest a bright future for the crypto industry. With the political landscape shifting in favor of cryptocurrencies, Scaramucci’s vision of a thriving Bitcoin market could very well become a reality.
