Scaramucci sees bright future for crypto but ‘very worried’ about US politicians

Scaramucci sees bright future for crypto but 'very worried' about US politicians

Anthony Scaramucci, founder of Skybridge Capital believes that the blockchain industry has a bright future but is concerned about “very weak leadership” in American politics.

Scaramucci was formerly the White House Director of Communications. Skybridge Capital manages $7 billion Skybridge Bitcoin Fund.

At the Australian Financial Review Crypto Summit, he spoke openly about current and future state of crypto and politics in America. He stated that while blockchain technology “seems clunky at the moment”, he sees a bright future for it.

He believes that the most significant obstacle to the industry’s growth is the “absolutely deplorable” politicians in American leadership. Scaramucci stated succinctly that “we should worry” if any of the current front-runners are elected President.

Scaramucci referred to Ted Cruz as the “apotheosis for hypocrisy”, referring to him as “the apotheosis in hypocrisy”. This refers to Scaramucci’s belief that Cruz is prone to talk negatively about Trump and then positive about them in public. This trait will, no doubt, be a problem for Cruz’s views about cryptocurrency.

Senator Cruz, a prominent crypto advocate, introduced legislation on March. 30 that would prevent the Federal Reserve (CBDC) from issuing digital currency to individuals.

Scaramucci is not concerned about politicians but believes that the Internal Revenue Service (IRS), has classified cryptocurrency as property. He also views President Biden’s Executive Order as “fairly optimistic.”

“I believe we have already reached the cross-over moment when Bitcoin will be relatively regulated, and other cryptocurrencies here in the U.S. because of all those reasons.”

Scaramucci likened these early days in blockchain to the early days when webpages took 30 seconds for them to load.

“Imagine where we’ll be in five years. Virtually everyone in Western Europe will have a smartphone wallet and be able transact with all restaurants around the globe.

He is optimistic for the industry’s future and for $500,000 BTC price peak, but his optimism is short-term, as are the absence of a spot Bitcoin ETF and “lingering aspects” of Covid and varying supply chain disruptions, and the conflict in Ukraine.

Skybridge tried to launch a spot Bitcoin ETF but was rejected in January by the Securities and Exchange Commission.

Related: US legislators introduce companion bill to “mitigate risks” from El Salvador’s Bitcoin Law

He dismissed the TradFi critics Charlie Munger and Warren Buffet by simply saying that Bitcoin doesn’t care what they think about it. At a shareholder’s meeting in February, Munger compared Bitcoin to “venereal diseases”. Scaramucci replied by saying:

“Charlie Munger claims (Bitcoin) that the worst thing to have ever happened to this civilization is that we’ve had atom Bombs go off, pandemics, global wars, and genocides.”

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