SkyBridge Capital founder Anthony Scaramucci believes President Joe Biden will pander to 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 after approving the Ethereum Exchange Traded Funds (ETF) last week.
According to the hedge fund veteran, Biden could lose votes from swing states if he gives in to the “capricious whims” of anti-crypto personalities.
“I think the Biden team vetoed this bill (SAB 121) last week, but they passed the Ethereum thing even though Elizabeth Warren and Gary Gensler didn’t want it. I think they’re going to turn…
I think they will now focus on Bitcoin and crypto assets. I don’t think Biden, who is a moderate, wants to be kept in the dark about this. This is a razor-thin election, and I don’t think Joe Biden wants to lose this election because of the whims of Elizabeth Warren or Gary Gensler.”
Staff Accounting Bulletin (SAB) 121 is a note issued by the SEC in 2022 that requires certain companies to label digital assets as liabilities on their balance sheets, even if they simply hold the assets on behalf of customers.
As for Bitcoin (BTC), Scaramucci says he sees the crypto king rising to $700,000 in the next fifteen years.
“This is an emerging asset. It has only 5% adoption in the United States. If it continues to expand and adopt at the same rate as the last decade, there’s no reason why this couldn’t be a $300,000, $400,000, $500,000 asset…
Like gold [market cap] is at $16 trillion, Bitcoin at $1.5 trillion, could Bitcoin go 10X in the next 15 years? I believe it can be done and I believe it has the technical properties to make that possible, and we are already seeing that happening. It is already manifesting itself in that direction.”
At the time of writing, Bitcoin is trading at $69,420.
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