(Sept 18): Hedge fund manager Anthony Scaramucci projected record highs for Bitcoin, fuelled by a combination of interest-rate cuts and US crypto regulatory clarity in the wake of November’s presidential election.
“We are going to get pro-cryptocurrency, Bitcoin, and stablecoin legislation in the first part of the next congressional term in the US,” the founder of SkyBridge Capital LLC said in an interview on Wednesday. “At the same time, you’re intersecting with rate cuts from the Federal Reserve.”
Scaramucci said he prefers bipartisan legislation backed by Republicans and Democrats. Back in 2017, he was former president Donald Trump’s director of communications for 11 days, before being fired and becoming a vocal critic.
Republican nominee Trump has pivoted to a pro-crypto stance, in search of donations and votes, amid a tight race for the White House with Vice President Kamala Harris, whose stance on digital assets is less clear.
Scaramucci expressed optimism about the prospects for crypto rules under a Harris administration, citing discussions with the Democratic team behind her electoral push. Last month, an adviser to her campaign signalled that Harris will back measures to help grow the industry, while maintaining appropriate safeguards.
The Fed will likely reduce borrowing costs by a half point on Wednesday, part of at least 150 basis points of cuts over the next 18 months, Scaramucci said.
“That’s going to be really good for asset prices in the US and globally,” he said, adding that Bitcoin could hit US$100,000 (RM423,900) by the end of the year. He was speaking on the sidelines of a conference in Singapore.
The largest digital asset reached an all-time peak of US$73,798 in March, lifted by demand for dedicated US exchange-traded funds (ETFs). The rally subsequently moderated, as inflows into the ETFs cooled. The token has climbed about 5% over the past two days ahead of the Fed policy decision, and was trading at US$60,255 as of 9:18am in London.
Uploaded by Liza Shireen Koshy
Source: TheEdge - 19 Sep 2024
Created by edgeinvest | Oct 04, 2024
Created by edgeinvest | Oct 04, 2024
Created by edgeinvest | Oct 04, 2024
Created by edgeinvest | Oct 04, 2024
Created by edgeinvest | Oct 04, 2024