Bitcoin could be on the verge of new highs, according to hedge fund manager Anthony Scaramucci. The combination of expected Federal Reserve rate cuts and new U.S. cryptocurrency regulations following the presidential election could be the recipe for Bitcoin’s next big rally.
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“We’re going to have pro-cryptocurrency, pro-Bitcoin, pro-stablecoin legislation early in the next Congress,” Scaramucci, the founder of SkyBridge Capital LLC, told Bloomberg in an interview Wednesday. He believes this could open the floodgates for the digital asset market. And there’s more. “At the same time, you’re crossing the line on the Federal Reserve rate cuts,” he added.
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Scaramucci, known for his brief stint as former President Donald Trump’s communications director in 2017, stressed the importance of bipartisan support for crypto legislation. He’s all for the idea of Republicans and Democrats coming together on this, making the future of crypto a little less murky.
Interestingly, Trump, the Republican candidate, has shifted to a pro-crypto stance. Scaramucci explained this shift by saying that it is part of Trump’s strategy to win votes and donations.
His rival, Vice President Kamala Harris, is more cautious in her stance on digital assets. Scaramucci, however, is still hopeful about the Harris camp, revealing that he has had conversations with her team and is optimistic that she will support the industry’s growth as long as safeguards are in place.
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Last month, an adviser to Harris’ campaign indicated that she is 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 going forward.
SkyBridge Capital wasn’t always focused on crypto. The firm, which previously made its name investing in other hedge funds, began pivoting to digital assets in 2020. Since then, it has become increasingly involved in the crypto space, seeing the potential for massive growth.
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On the Fed’s side, Scaramucci is betting that interest rates will fall. He expects the central bank to cut borrowing costs by half a point, part of a broader strategy that could yield 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 propel Bitcoin to $100,000 by the end of the year. He made the comments at a conference in Singapore.
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This article Scaramucci Says Bitcoin Is On Verge Of Breaking Records As Federal Reserve Rate Cuts Take Effect And New U.S. Regulations Could Change Everything For Crypto originally appeared on Benzinga.com
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