A Trump Administration Would Be “Positively Disposed” to Crypto

Donald Trump, the Republican presidential candidate, is seen as potentially more favorable towards cryptocurrencies than the Biden administration, according to Anthony Scaramucci, founder of SkyBridge Capital and former White House Communications Director. Scaramucci suggested that a Trump victory could trigger a surge in Bitcoin’s price, possibly reaching $100,000 or higher. As of Wednesday morning, Bitcoin was trading at over $62,100.

Trump has shifted his stance on digital assets, recently expressing support for cryptocurrencies and pledging to position the U.S. as the “crypto capital of the world” through reduced regulation and a national Bitcoin stockpile. Additionally, last month, Trump and his family announced a new venture in the cryptocurrency space called World Liberty Financial, though details regarding its operations remain scarce.

Scaramucci described Bitcoin and cryptocurrencies as a “Trump trade,” noting that the former president has become a vocal advocate for them. However, he also highlighted Trump’s polarizing nature, questioning how his actions could impact the crypto landscape if they harm international relations or create global instability. Scaramucci emphasized the need for bipartisan involvement from Trump in the crypto sector to avoid further division.

In the lead-up to the November 5 election, Scaramucci has expressed criticism towards Trump while endorsing Kamala Harris, his Democratic opponent in the 2024 presidential race. He is also collaborating with Harris’ campaign to shape her cryptocurrency policies. Scaramucci believes that a Harris administration would adopt a more conventional regulatory approach to cryptocurrencies, acknowledging that many Democrats might resist supporting digital assets simply because of Trump’s endorsement.

Scaramucci advocates for a depoliticized regulatory environment where decisions are based on ethical considerations rather than partisan divides. He previously mentioned on CNBC that Harris has been engaging with crypto industry supporters to encourage her alignment with more favorable policies for the sector.

As a staunch Bitcoin proponent, Scaramucci has argued that mainstream acceptance of cryptocurrencies is essential for their growth. He has predicted that Bitcoin’s price could reach $170,000 in the future, particularly leading up to significant events like the Bitcoin halving happening in April, which reduces the rate at which new Bitcoin is generated.