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SkyBridge Capital’s Anthony Scaramucci Predicts Bitcoin Could Reach $100,000 by End of 2024
SkyBridge Capital founder and hedge fund manager Anthony Scaramucci predicts that Bitcoin could reach $100,000 by the end of 2024. This forecast is driven by anticipated U.S. interest-rate cuts and potential pro-crypto legislation.
Factors Driving Bitcoin’s Potential Surge
In a recent interview, Scaramucci highlighted that upcoming Federal Reserve rate cuts and bipartisan support for crypto and stablecoin legislation could significantly boost Bitcoin’s value. He stated:
“We are going to get pro-cryptocurrency, Bitcoin, and stablecoin legislation in the first part of the next congressional term in the U.S. At the same time, you are intersecting with rate cuts from the Federal Reserve.”
Pro-Crypto Legislation
Scaramucci emphasized the potential for pro-crypto legislation in the next U.S. congressional term. This legislative support is expected to create a favorable environment for Bitcoin and other cryptocurrencies.
Federal Reserve Rate Cuts
The Federal Reserve is anticipated to cut borrowing costs by half a percentage point, with potential cuts of up to 150 basis points over the next 18 months. Scaramucci believes these rate cuts will be beneficial for asset prices globally, including Bitcoin, which has already seen a 5% increase ahead of the Fed’s policy decision.
Political Landscape and Its Impact on Crypto
As a former communications director for Donald Trump, Scaramucci noted the Republican nominee’s recent shift to a pro-crypto stance. This move is seen as an effort to garner votes in a tightly contested race against Vice President Kamala Harris, whose position on crypto remains less defined.
Despite the uncertainty surrounding Harris’s stance, Scaramucci remains optimistic, citing positive discussions with her campaign team. He believes that the regulatory landscape under a potential Harris administration could still be favorable for the crypto industry.
Conclusion
Anthony Scaramucci’s predictions underscore the potential for significant growth in Bitcoin’s value, driven by favorable interest-rate cuts and supportive legislation. Investors should keep an eye on these developments as they navigate the evolving cryptocurrency landscape.
