Anthony Scaramucci Is Still Bullish on Bitcoin — Even If Trump Hurt CLARITY’s Chances

Anthony Scaramucci has been around Bitcoin long enough to know that Washington can make things very difficult without necessarily breaking the investment case for it.

That may be especially true now.

The SkyBridge Capital founder remains convinced Bitcoin has considerably more room to run, even as he grows increasingly skeptical that Congress will deliver the regulatory clarity the crypto industry has spent years waiting for.

And in Scaramucci’s view, President Donald Trump deserves much of the blame.

“The president has been good for crypto,” Scaramucci told Coinage at the SALT Wyoming Blockchain Symposium. “I try to be very objective, but he’s also been bad for crypto.”

The former Press Secretary in Trump's first administration has not been a quiet critic of President Trump. But as an investor in various crypto projects, Scaramucci is increasingly worried that the much hoped for CLARITY Act looks politically dead. The optics of President Trump's various crypto businesses raking in more than a billion dollars since he was stepping into office a second time is weighing on winning key Democratic support.

"So they put this massive ethics provision into the deal, which has slowed down the deal and possibly even extinguished it," Scaramucci said. "You're telling me they're going to put this together in seven weeks and pass it and be right up against that close to the midterms? I'm not buying that."

Odds of the CLARITY Act passing this year have slipped to new lows on prediction market sites.

However, at the same time there is little question that the political environment for crypto has changed dramatically under Trump. Scaramucci pointed to a friendlier SEC, the end of former Chair Gary Gensler’s tenure, and a Republican Party that has broadly embraced the industry.

Scaramucci stressed that he hopes he is wrong about the CLARITY Act being doomed, and is still hopeful other rules from the SEC and CFTC could still help in the shorter-term. As a Bitcoin investor, Scaramucci explained that the saving grace for the original crypto token is that it's already mostly incubated from a regulatory perspective. Wall Street continues to embrace both tokenization and ways to tap into Bitcoin.

“Bitcoin to me is still a global asset with a global brand,” he said. “You’re probably in the late stages of the four year cycle now,” he said. “And by October I think you’ll see the prices rallying again.”

Scaramucci argues Bitcoin could eventually reach roughly half the market capitalization of gold. Using the figures he cited in the interview, that would put Bitcoin at roughly a $12 trillion valuation over the next five years. That would put Bitcoin in the neighborhood of the $500,000 price targets Scaramucci has discussed before.

Bitcoin’s appeal has long been tied partly to concerns about government deficits, currency debasement and excessive money printing. Scaramucci still sees those forces strengthening the case for owning Bitcoin. But he does not necessarily want Bitcoin’s biggest bulls to be proven right in the most extreme way possible.

“If Bitcoin’s at $1 million, I may not be better off,” he said. “That means that there’s so much wreckage going on in the society.” Instead, Scaramucci said, “I would like Bitcoin to get to a half $1 million with everybody doing well.”

And for all the progress Washington has made on crypto, Scaramucci thinks the industry is still waiting for politicians to provide the permanence that markets need.

Trump may have helped push crypto further into the mainstream. The irony, in Scaramucci’s telling, is that the president may also have made one of the industry’s biggest remaining legislative victories harder to achieve.

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