The founder of Skybridge Capital, Anthony Scaramucci believes the blockchain technology industry has a very bright future, but worries about “very weak leadership” in US politics.
Scaramucci is a former White House communications director, and Skybridge Capital manages the $7 billion Skybridge Bitcoin fund..
He spoke candidly at the Australian Financial Review Crypto Summit held in Australia on Wednesday about the current and future states of cryptocurrencies and politics in the United States. He said that while blockchain technology “seems clunky right now,” he sees a bright future for the industry..
However, believes the biggest obstacle that could stand in the way of industry growth is “absolutely despicable” politicians among US leaders. Scaramucci succinctly stated that “we should be very concerned” if some of the current favorites become the next president.
He especially criticized Senator Ted Cruz, whom he referred to as “the apotheosis of hypocrisy.” what Scaramucci considers to be his tendency to speak negatively in private about issues or people like Trump, but then speak positively about them in public. The industry no doubt hopes that this trait does not apply to Cruz’s views on cryptocurrencies..
Senator Cruz is a very public supporter of cryptocurrencies and introduced legislation on March 30 that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) to individuals..
Despite his concern for politicians, Scaramucci believes that the classification of cryptocurrencies as property by the Internal Revenue Service (IRS) “makes their extinction in the United States almost impossible”. Furthermore, he sees President Biden’s latest executive order as “pretty optimistic.”
“I predict that we have already found the crossover moment where bitcoin is going to be quite regulated and other cryptocurrencies are going to be quite regulated here in the United States for all of those reasons.”
Scaramucci compared these early days in the blockchain space to the early days of the internet, where web pages took 30 seconds to load.
“”Just imagine where we could be in five years, where pretty much everyone in the Western world will have a wallet on their smartphone and will probably be able to transact with every restaurant in the world.”
His long-term optimism for the future of the industry and for a BTC price point high of $500,000 is tempered by short-term headwinds.such as the lack of a bitcoin spot exchange-traded fund (ETF), “lingering aspects of Covid, various supply chain disruptions,” and the war in Ukraine.
Skybridge attempted to launch a spot bitcoin ETF, but was rejected by the Securities and Exchange Commission (SEC) in January..
He ignored former TradFi critics Warren Buffett and Charlie Munger by simply stating that “bitcoin doesn’t care” what anyone thinks of it.. In February, Munger compared bitcoin to a “venereal disease” at a shareholder session, to which Scaramucci responded by saying:
Charlie Munger says that [bitcoin es] the worst thing that has happened in this civilization, although we have had atomic bombs that have exploded, we have had pandemics and global wars and genocides.”
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