Bitcoin will hit record high under a second Biden term, says Scaramucci

Bitcoin will hit record high under a second Biden term, says Scaramucci
MarketsSnapshot
Anthony Scaramucci, former White House communications director under Trump and founder of Skybridge Capital, says he's voting for Biden. Credit: Michael Brochstein/SOPA Images/Shutterstock
  • Capitalist society needs stability, he said.
  • Scaramucci says the crypto industry has already won.

Anthony Scaramucci warned crypto enthusiasts enamoured with Donald Trump’s new industry embrace.

“He was very negative on Bitcoin and digital assets while president. He’s now done a 180 because he wants your vote,” Scaramucci said on the Unchained podcast.

“It’s anybody’s guess what he’ll do in the White House. He’s extremely transactional.”

That’s why Scaramucci, the founder of Skybridge Captial and one-time communications director under Trump, said he’s voting 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 has previously predicted that Bitcoin will hit $170,000 over the next year.

Though he may disagree with Biden on policy, he said he’ll vote for another four years because Biden provides a key ingredient for capital markets: Stability.

“If you’re a capitalist, the number one thing you need in a capitalist society is predictability to the rule of law,” he said.

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He reminded viewers that Bitcoin rose from $17,000 to $70,000 under Biden.

During that time, the Securities and Exchange Commission also approved 11 different spot Bitcoin exchange-traded funds.

“Yes, we had to win a lawsuit, but at least the traditional processes are in place,” said Scaramucci, referring to Grayscale’s lawsuit against the SEC over converting the Grayscale Bitcoin Trust into an ETF.

He’ll also vote for Biden because the administration appears to be changing its position on crypto.

The president blocked removing a key tax framework called SAB 121, which would have made it easier for big banks to hold crypto, but Scaramucci predicts he’ll sign something else in the ensuing congressional term.

That’s because the Biden campaign now recognises the political weight of the crypto community.

“We’ve won, and the anti-crypto people have lost,” he said. “Go with the rule of law and go with the traditional democracy.”

Crypto market movers

  • Bitcoin is down .5% over the past 24 hours to trade at $65,480.
  • Ethereum is up 5% to $3,500.

What we’re reading

Liam Kelly is a DeFi correspondent at DL News. Got a tip about the election? Reach out at liam@dlnews.com.