The Mooch termed Bitcoin “an asset for freedom” while frankly speaking about his long-term confidence in the crypto business and anxieties about American leadership.
Skybridge Capital founder Anthony Scaramucci thinks the blockchain business has a very promising future, but he is worried about the “extremely poor leadership” in American politics.
Scaramucci is a former Director of Communications at the White House and Skybridge Capital runs the $7 billion Skybridge Bitcoin Fund.
He talked openly at the Australian Financial Review Crypto Summit hosted in Australia today about the present and future conditions of crypto and politics in the U.S. He stated that while blockchain innovation “seems clumsy right now,” he envisions a brilliant future for the business.
However, he considers that the largest impediment that might stand in the way of the industry’s expansion is the “absolutely despicable” politicians within American leadership. Scaramucci clearly warned that “we should be extremely worried” if any of the current front-runners become the next President.
He took special aim at Republican Senator Ted Cruz, whom he described as “the apotheosis of hypocrisy” for what Scaramucci sees as his inclination to talk critically in private about topics or individuals such as Trump, but then speak favorably about them in public. The industry will without a doubt hope this tendency doesn’t extend to Cruz’s views on bitcoin.
Senator Cruz is a highly outspoken crypto proponent and presented legislation on Mar. 30 which would restrict the Federal Reserve from issuing a central bank digital currency (CBDC) to people.
Despite his fears about politicians, Scaramucci thinks the definition of cryptocurrencies as property by the Internal Revenue Service (IRS) “makes it virtually hard to extinguish it in the United States.” Furthermore, he regards President Biden’s newest Executive Order as “fairly optimistic.”
“I think that we’ve already hit the crossover point when Bitcoin is going to be well regulated and other cryptocurrencies will be fairly regulated here in the U.S. for all of those reasons.” Scaramucci likened these early days in the blockchain field to the early days of the internet when websites took 30 seconds to load.
“Just picture where we may be in five years when nearly everyone in the Western world will have a smartphone wallet on their smartphone and they’ll likely be able to transact with any restaurant in the globe.”
His long-term optimism for the future of the business and for a $500,000 BTC price high point is tempered by short-term difficulties such as the absence of a spot Bitcoin ETF, “lingering features of Covid, varied supply chain disruptions,” and the conflict in Ukraine.
Skybridge sought to create a spot Bitcoin ETF but was denied by the Securities and Exchange Commission (SEC) in January.
He shrugged aside historical TradFi detractors Warren Buffet and Charlie Munger by simply declaring that “Bitcoin doesn’t care” how they feel about it. In February, Munger equated Bitcoin to “venereal disease” during a shareholder’s conference, which Scaramucci replied to by saying:
“Charlie Munger believes (Bitcoin’s) the worst thing that’s ever occurred in our society, even though we’ve had atom bombs go off, we’ve had pandemics and world wars and genocides.”