Bitcoin
Anthony Scaramucci says President Biden won’t lose the election because of Gary Gensler’s ‘whimsical whims’
SkyBridge Capital founder Anthony Scaramucci believes President Joe Biden will favor the crypto industry, even if it is against the wishes of Securities and Exchange Commission (SEC) Chairman Gary Gensler.
In a new interview with independent journalist David Lin, Scaramucci says Biden is starting to soften his stance on Bitcoin and crypto following the listing approval of Ethereum exchange-traded funds (ETF) in cash last week.
According to the hedge fund veteran, Biden could lose votes in swing states if he gives in to the “whimsical whims” of anti-crypto personalities.
“I think the Biden team vetoed this bill (SAB 121) last week, but managed to pass the Ethereum stuff despite Elizabeth Warren and Gary Gensler not wanting to. I think they will spin…
I think now they will focus on Bitcoin and crypto assets. I don’t think Biden, who is a moderate, I don’t think he wants to stay in the dark about this. This is a very tenuous election and I don’t think Joe Biden wants to lose this election because of the capricious whims of Elizabeth Warren or Gary Gensler.”
Staff Accounting Bulletin (SAB) 121 is a note issued by the SEC in 2022 that says certain companies must label digital assets as liabilities on their balance sheets, even if they simply hold the assets on behalf of clients.
Turning to Bitcoin (Bitcoin), Scaramucci says he sees the crypto king reaching $700,000 in the next decade and a half.
“This is a nascent asset. It has only 5% adoption in the United States. If it continues to scale and adopt at the same speed as the last 10 years, there’s no reason why this can’t be a $300,000, $400,000, $500,000 asset…
If gold is [market cap] is at $16 trillion, Bitcoin is at $1.5 trillion, can Bitcoin grow 10X in the next 15 years? I believe it can and I believe it has the technical properties that allow it to do this, and we are already seeing it happen. It is already manifesting itself in this direction.”
At the time of writing, Bitcoin is trading at $69,420.
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