QuickTake

• Anthony Scaramucci believes Bitcoin will reach a new all-time high if Biden is re-elected.
• Scaramucci warns against Donald Trump’s sudden pro-crypto stance.
• Stability and predictability are key to a thriving capitalist society, says Scaramucci.
• Bitcoin surged significantly during Biden’s first term, from $17,000 to $70,000.
• Scaramucci supports Biden for his stable approach to capital markets.

Bitcoin to Surge Under Biden’s Second Term, Says Scaramucci

Anthony Scaramucci, founder of Skybridge Capital and former communications director under Donald Trump, has made a bold prediction: Bitcoin will reach new record highs if President Joe Biden is re-elected for a second term. Speaking on the Unchained podcast, Scaramucci emphasized the importance of stability in a capitalist society and warned against Donald Trump’s newfound embrace of the crypto industry.

Scaramucci’s Warning About Trump

Scaramucci expressed skepticism about Trump’s recent pro-crypto stance, noting that during his presidency, Trump was decidedly negative towards Bitcoin and digital assets. “He’s now done a 180 because he wants your vote,” Scaramucci cautioned. He described Trump as “extremely transactional,” implying that Trump’s support for crypto might be more about gaining votes than a genuine shift in policy.

Biden’s Stability and Predictability

In contrast, Scaramucci praised Biden for providing stability and predictability, which he considers essential for capital markets. “If you’re a capitalist, the number one thing you need in a capitalist society is predictability to the rule of law,” Scaramucci stated. He acknowledged that while he may not agree with all of Biden’s policies, the stability Biden offers is crucial for the growth of the crypto industry.

Bitcoin’s Performance Under Biden

Scaramucci pointed out that Bitcoin’s price surged from $17,000 to $70,000 during Biden’s first term. This significant increase happened alongside the approval of 11 different spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). These developments, according to Scaramucci, demonstrate that the crypto industry can thrive under Biden’s administration.

Predicting New Highs for Bitcoin

Scaramucci has previously forecasted that Bitcoin will hit $170,000 within the next year. He is confident that under a second Biden administration, Bitcoin and other digital assets will achieve new all-time highs. This optimism is based on the belief that Biden’s approach provides the necessary conditions for the crypto market to flourish.

The Role of Stability in Capital Markets

The importance of stability and predictability cannot be overstated in the context of capital markets. Investors and businesses need a predictable legal and regulatory environment to make long-term decisions and investments. Under Biden, Scaramucci argues, this environment has been more stable and conducive to growth compared to the uncertainty that characterized Trump’s tenure.

The Crypto Industry’s Victory

Scaramucci declared that the crypto industry has already won, emphasizing the irreversible progress and adoption of digital assets. He believes that regardless of political leadership, the momentum behind crypto will continue to grow. However, he insists that Biden’s consistent and stable policies will better support this growth compared to Trump’s unpredictable approach.

Biden vs. Trump: A Crypto Perspective

The contrasting approaches of Biden and Trump towards crypto are stark. While Trump’s recent pivot to supporting crypto might seem appealing, his past negativity and transactional nature raise doubts about his long-term commitment to the industry. On the other hand, Biden’s administration, though not without its challenges, has provided a more stable and supportive environment for the growth of digital assets.

Scaramucci’s Confidence in Biden

Scaramucci’s confidence in Biden’s ability to support the crypto industry is rooted in the tangible progress seen during his first term. The approval of multiple Bitcoin ETFs and the significant increase in Bitcoin’s value are clear indicators of a positive regulatory environment. Scaramucci believes that this trend will continue and even accelerate under a second Biden term.

The Future of Crypto Regulation

Looking ahead, the future of crypto regulation in the United States will be crucial for the continued growth of the industry. A balanced approach that fosters innovation while ensuring investor protection is essential. Scaramucci’s endorsement of Biden suggests that he believes the current administration is better positioned to achieve this balance compared to a Trump-led administration.

Conclusion: A Bright Future for Bitcoin

In summary, Anthony Scaramucci’s prediction that Bitcoin will hit new record highs under a second Biden term is based on the stability and predictability that Biden brings to the table. While Trump’s sudden pro-crypto stance might be appealing to some, Scaramucci warns that it is driven by electoral motivations rather than genuine support for the industry. As the US heads towards another presidential election, the crypto industry will closely watch the candidates’ positions and policies, with stability and long-term growth being the key factors for success.