Former White House Communications Director Anthony Scaramucci says institutional entities and potentially countries will likely be gobbling up Bitcoin (BTC) in the coming months.
In a new interview with CNBC, the SkyBridge Capital founder says Trump’s latest crypto-related executive order is a very positive sign for BTC bulls, despite perhaps a sell-the-news scenario currently playing out.
“The problem with Bitcoiners, unfortunately, is they’ve been beaten down for the last four or five years and so the expectations were very high that the Trump administration would just come in, turn on a switch and they would have this Halcyon era. I think what (Crypto Czar) David Sacks has done, frankly, is brilliant because he’s trying to create a bipartisan commitment and a bipartisan understanding to digital assets and the space of digital assets in the United States.
So the trading is sloppy right now, but I think if you look forward over the next three to six months, you’ll see a lot more institutional buying on the fact that the United States is going to hold this asset, [which] means that other countries are going to end up buying this asset as well.”
Scaramucci points out that the US holds other assets that are not contested by either side of the political aisle and that David Sacks and the Trump administration are likely shooting for a slow, drawn out effort to depoliticize the strategic holding of Bitcoin by the government.
The investor says institutions and other national governments will probably follow the US’ Bitcoin strategy.
“If you think about the assets that are in the strategic reserve, they are non-partisan. I don’t think there’s a debate in Congress about holding gold, or holding oil, or some of the rare earth minerals, or even some of the medical supplies, frankly, that the US holds in its strategic reserve. And I think we want to get Bitcoin to that position, and it will take some time, and I applaud these guys for having patience. I think if they went very, very quickly and sort of rammed this into place there would’ve been a reaction formation on the side of the Democrats.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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