Biden Won't Risk Losing the Election by Opposing Cryptocurrencies - Anthony Scaramucci

Anthony Scaramucci, founder of SkyBridge Capital, expects President Joe Biden to take care of the crypto sector, despite potential opposition from Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Scaramucci noted that Biden's position on the Bitcoin and cryptocurrencies seem to be softening, especially after the recent approval of spot Ethereum exchange traded funds (ETFs).

Scaramucci suggests that Biden risks losing votes in key states if he gives in to the unpredictable demands of his opponents. cryptocurrencies :

I think the Biden administration, despite vetoing SAB 121 last week, still approved measures related to Ethereum, against the wishes of Elizabeth Warren and Gary Gensler. They seem to be changing their stance…

I think they will now adjust their position on Bitcoin and other crypto assets. Biden, being a moderate, probably doesn't want to be left behind on this issue. With the election so contested, I don't think Biden wants to jeopardize his chances because of the unpredictable whims of Elizabeth Warren or Gary Gensler.

Bulletin SAB 121, issued by the Securities and Exchange Commission in 2022, requires certain companies to classify digital assets as liabilities on their balance sheets, even if they simply hold those assets for customers.

As for Bitcoin (BTC), Scaramucci predicts that its value could reach $500,000 in the next fifteen years:

It is an emerging asset, with only 5% adoption in the United States. If it continues to grow at the same rate it has for the past decade, there is no reason it can't reach $300,000, $400,000, or even $500,000…

With gold's market cap at $16 trillion and Bitcoin's at [$1.35 trillion], can BTC increase tenfold in the next 15 years? I believe it can, given its technical properties, and we're already seeing trends moving in that direction.