SkyBridge Capital founder Anthony Scaramucci believes President Joe Biden will pander to the crypto industry even if it’s against the wishes of Securities and Exchange Commission (SEC) Chair Gary Gensler.
In a new interview with the independent journalist David Lin, Scaramucci says Biden is starting to soften his stance on Bitcoin and crypto following the listing approval of spot Ethereum exchange-traded funds (ETF) last week.
According to the hedge fund veteran, Biden may lose votes from swing states if he gives in to the “capricious whims” of anti-crypto personalities.
“I think the Biden team, they vetoed this bill (SAB 121) last week but they did get the Ethereum stuff passed despite Elizabeth Warren and Gary Gensler not wanting it. I think they’re going to pivot…
I think they’re going to pivot now on Bitcoin and crypto assets. I don’t think Biden, who is a moderate, I don’t think he wants to be left out in the dark on this. This is a razor-thin 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 have to label digital assets as liabilities on their balance sheets even if they are simply holding the assets on behalf of customers.
Turning to Bitcoin (BTC), Scaramucci says he sees the crypto king going as high as $700,000 in the next decade and a half.
“This is a nascent asset. It only has 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’s [market cap] is at $16 trillion, Bitcoin’s at $1.5 trillion, could Bitcoin 10X in the next 15 years? I believe it can and I believe it has the technical properties to allow it to do that, and we’re already seeing that happen. It is already manifesting in that direction.”
At time of writing, Bitcoin is trading at $69,420.
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