Hedge fund manager Anthony Scaramucci is forecasting a new all-time high for Bitcoin, as the market benefits from a combination of interest-rate cuts and increased clarity around US regulation on cryptocurrency once the presidential election is in the rearview mirror. “We are expecting pro-cryptocurrency, Bitcoin, stablecoin legislation early in the next congressional term in the US,” the founder of SkyBridge Capital LLC said in an interview. “This will be coincident with rate cuts from the Federal Reserve.
Scaramucci added that he would love to see bipartisan support for the move, both Republicans and Democrats alike. Scaramucci briefly served as White House communications director for former President Donald Trump in 2017, and has since used his platform to be openly critical of the administration.
With Trump now touting a pro-crypto positioning in hopes of luring much-needed donations and votes for his very competitive battle with Vice President Kamala Harris, whose position on digital assets is less certain, Scaramucci remained optimistic. He spoke of conversations with the Harris campaign, saying he believes she might offer support for initiatives toward growing the industry with appropriate protections.
Scaramucci also predicts that the Fed will cut borrowing costs by half a point this Wednesday, part of a wider plan of at least 150 basis points cuts over the next 18 months. “This is likely to boost U.S. and global asset prices,” he said, adding that Bitcoin may reach $100,000 by year-end.
Currently, Bitcoin trades at $60,328, up about 5% over the last two days ahead of the Fed’s decision. The cryptocurrency earlier reached a high of $73,798 in March, stoked by robust demand for US exchange-traded funds, but has since begun to taper off as those ETF inflows have cooled. Scaramucci’s prognostication indicates that near-term changes both economically and from a regulatory perspective will have profound effects on how Bitcoin proceeds.
