SkyBridge Capital founder Anthony Scaramucci predicts that President Joe Biden will cater to the crypto industry, despite opposition from SEC Chair Gary Gensler.
Speaking with journalist David Lin, Scaramucci suggests that Biden is shifting his views on Bitcoin and crypto after the recent approval of spot Ethereum ETFs. He believes that Biden may risk losing votes from swing states if he ignores the demands of anti-crypto figures.
Scaramucci mentions the rejection of SAB 121 by the Biden administration last week, but highlights the approval of Ethereum ETFs, despite resistance from Elizabeth Warren and Gary Gensler. He anticipates a potential pivot towards supporting Bitcoin and other crypto assets, emphasizing Biden’s desire to stay relevant in a closely contested election.
Referring to Bitcoin, Scaramucci envisions the cryptocurrency reaching $700,000 in the next fifteen years, citing its low adoption rate in the US and its potential for exponential growth. He compares Bitcoin’s market cap to gold’s and believes that Bitcoin has the technical capabilities to increase tenfold in value.
As of now, Bitcoin is trading at $69,420.
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