Bitcoin could be on the verge of hitting new heights, according to hedge fund manager Anthony Scaramucci. The combination of expected Federal Reserve rate cuts and new U.S. cryptocurrency regulations after the presidential election might be the recipe for Bitcoin's next big surge.
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"We're going to get pro-cryptocurrency, Bitcoin and stablecoin legislation early in the next congressional term," said Scaramucci, the founder of SkyBridge Capital LLC, in an interview Wednesday with Bloomberg. He believes this could open the floodgates for the digital asset market. And there's more to it. "At the same time, you're intersecting with rate cuts from the Federal Reserve," he added.
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Scaramucci, known for his brief stint as former President Donald Trump's communications director in 2017, emphasized the importance of bipartisan support for crypto legislation. He's all in on the idea that Republicans and Democrats will come together on this, making the future of crypto a little less murky.
Interestingly, Trump, the Republican nominee, has switched gears toward a pro-crypto stance. Scaramucci explained this shift, saying it's part of Trump's strategy to gain votes and donations.
His competitor, Vice President Kamala Harris, has been more reserved in her stance on digital assets. However, Scaramucci is still hopeful about the Harris camp, revealing that he has had discussions with her team and feels optimistic that she'll support the industry’s growth, as long as safeguards are in place.
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Last month, an adviser to Harris's campaign hinted that she's leaning toward policies that would help the crypto space grow responsibly. This puts both candidates in a somewhat favorable position for digital currencies, which Scaramucci sees as a good sign for the industry moving forward.
SkyBridge Capital wasn't always focused on crypto. The firm, which previously made its name investing in other hedge funds, started to pivot toward digital assets in 2020. Since then, it has become increasingly involved in the crypto world, seeing the potential for massive growth.
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On the Fed side, Scaramucci is betting that interest rates are about to drop. He expects the central bank to cut borrowing costs by half a point, which would be part of a broader strategy that could see up to 150 basis points of cuts over the next 18 months.
"That's going to be really good for asset prices in the U.S. and globally," Scaramucci said. He believes this could push Bitcoin up to $100,000 by the end of the year. He made these comments while attending a conference in Singapore.
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This article Scaramucci Says Bitcoin's About To Shatter Records As Fed Rate Cuts Kick In And New U.S. Rules Could Change Everything For Crypto originally appeared on Benzinga.com
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