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Forex in this article
• Regulation of crypto assets in the United States
• Rat poison or a bright future?
• Those who do their homework invest in crypto
SkyBridge founder and managing partner Anthony Scaramucci is known for his verbal gaffes, having served as Donald Trump’s White House communications director for ten days before being fired for inappropriate language. In mid-2021, Scaramucci predicted that Bitcoin would hit $100,000 by the end of 2021. That didn’t happen, but the crypto veteran will remain bullish on Bitcoin in 2022.
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With US financial authorities recognizing Bitcoin as property with current cryptocurrency regulations, banning it in the US is nearly impossible, Scaramucci said at the Australian Financial Review’s Crypto Currency Summit 2022. In late March, US President Biden signed an executive order that sets the Biden administration’s future regulatory course for cryptocurrencies in the United States. It is not the dreaded “regulatory hammer”, as Finance Minister Yanet Yellen points out, but rather a framework for cooperation between authorities in matters of investor and consumer protection, financial market stability and fight against criminal activities, but also financial inclusion and strengthening the global role of the United States. Also, the introduction of a central bank-backed digital currency (CBDC) is worth considering.
In an interview with the Harvard Political Review, Scaramucci said the US government could not want the renminbi to become the only digitized currency. As the Chinese currency becomes more and more competitive with digitization, the digitization of the US dollar is necessary in order not to abandon the supremacy of the US dollar and lose the status of the world’s reserve currency.
Opponents and supporters of cryptocurrencies
In the past, Scaramucci has verbally attacked Bitcoin opponents such as Berkshire Hathaway’s Warren Buffett and Charlie Munger or JP Morgen’s Jamie Dimon. Charlie Munger has often shown his negative attitude towards cryptocurrencies in the past. Scaramucci contradicts Munger’s statements that Bitcoin cannot be the worst thing that has ever happened to civilization, after all there have been atomic bombs, pandemics, world wars and genocides. Bitcoin is a “freedom currency” that doesn’t care what investors like Munger, Buffett and Dimon say.
Despite long-term optimism, Scaramucci also expressed concerns about US politicians, such as Senator Ted Cruz, whom he called a hypocrite, at the Sydney conference, according to Cointelegraph, according to Cointelegraph. In an interview with HPR, he attributed the concerns of many American politicians about Bitcoin to a lack of information from the people and gave many examples of well-known investors who were initially skeptical of the crypto- currency but who are now among its supporters. Of course, the impact on the environment should also be taken into account.
Future prospects of an eco-friendly bitcoin
Since Bitcoin mining is to be operated with up to 100% renewable energy in the future, Bitcoin is more of a CO2 scavenger and therefore part of the solution, according to Scaramucci.
Scaramucci compared the development of blockchain technology to the early days of the internet, when websites still took half a minute to load. Blockchain is currently “clunky” but there will be no escape from cryptocurrencies in the future if properly regulated, he proclaimed, as Cointelegraph reports. His long-term optimism for cryptocurrencies and a Bitcoin price of $500,000 is only held back by short-term headwinds.
In early 2022, Skybridge announced a Bitcoin fund and launched a funding round for the SkyBridge Bitcoin ETF, which has not been approved by the SEC.
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