- Anthony Scaramucci predicts Bitcoin could reach $100,000 by year-end.
- He expects pro-crypto legislation in early 2025, supported by bipartisan interest in the sector.
- Bitcoin is trending upwards at $60,328 ahead of the Fed’s policy decision.
Hedge fund manager and SkyBridge Capital founder Anthony Scaramucci foresees Bitcoin reaching new all-time highs, according to a Bloomberg report. Scaramucci explained that this potential growth will stem from interest rate cuts and possible regulatory clarity following the November U.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. At the same time, you’re intersecting with rate cuts from the Federal Reserve.”
Bipartisan Support and Political Landscape
Scaramucci also stressed the importance of bipartisan support in crypto regulation, pointing out that both Republicans and Democrats are interested in the sector. Former President Donald Trump has taken a pro-crypto stance to gain votes and donations in the presidential race.
In contrast, Vice President Kamala Harris’s stance on digital assets remains uncertain, though Scaramucci is optimistic about the regulatory environment under her potential administration.
He mentioned recent discussions with members of Harris’s campaign, suggesting that her team may support policies that encourage the growth of the cryptocurrency industry while making sure proper safeguards are in place. In August, a member of Harris’s campaign team indicated that she could back measures to help the crypto industry grow.
Rate Cuts and Price Predictions
On monetary policy, Scaramucci anticipates that the Federal Reserve will reduce borrowing costs by 50 basis points, part of an overall 150-basis-point cut expected over the next 18 months. He believes this will boost asset prices, including Bitcoin, which he predicts could reach $100,000 by year-end.
Read also: Beyond Bitcoin: ETH, XRP, ZRO, TIA Show Bullish Signals
Bitcoin hit an all-time high of $73,798 in March, driven by demand for U.S. exchange-traded funds (ETFs). After March’s all-time high, the cryptocurrency dropped, reaching $56,000 in August. Mid-year figures show a downturn for Bitcoin and the index around May, followed by a recovery phase that saw gradual increases mixed with minor declines.
Similarly, the tech-focused index reached its yearly high around the same period but had a more steady progression than cryptocurrency. By September, the assets were again on the rise, suggesting a resilient performance amidst market fluctuations.
Bitcoin has since seen a modest increase, rising by about 5% in the past two days ahead of the Fed’s policy decision. As of press time, Bitcoin traded at $60,328, up 2.11% in the recent intraday session.
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