Fed Rate Cut and Upcoming Election Could Push Bitcoin to New HighsHedge fund manager Anthony Scaramucci predicts that Bitcoin will hit new highs, driven by a combination of a Fed rate cut and clear US cryptocurrency regulations after the November presidential election."We are going to see legislation in the first part of the next U
Fed Rate Cut and Upcoming Election Could Push Bitcoin to New Highs
Hedge fund manager Anthony Scaramucci predicts that Bitcoin will hit new highs, driven by a combination of a Fed rate cut and clear US cryptocurrency regulations after the November presidential election.
"We are going to see legislation in the first part of the next U.S. Congress that is going to be very friendly to crypto, Bitcoin, and stablecoins," the founder of SkyBridge Capital LLC said in an interview Wednesday. "At the same time, we're also going to have the Fed easing."
Scaramucci said he favors bipartisan legislation, supported by both Republicans and Democrats. In a tight race against Vice President Kamala Harris for the White House, Republican presidential candidate Donald Trump has embraced cryptocurrency to gain donations and votes. Harris's stance on digital assets is less clear.
Scaramucci expressed optimism about the outlook for cryptocurrency regulations under a Harris presidency, citing discussions with her campaign. Last month, a consultant for Harris's campaign hinted that she would support measures to help the industry grow while maintaining appropriate safeguards.
Scaramucci said the Fed is likely to cut rates by 50 basis points on Wednesday and by at least 150 basis points over the next 18 months. "That will be very positive for U.S. and global asset prices," he added, predicting that Bitcoin could rise to $100,000 by the end of the year. He made the comments while attending a conference in Singapore.
The world's largest digital asset reached an all-time high of $73,798 in March, boosted by demand for U.S. Bitcoin ETFs. Bitcoin's rally then slowed as money flowing into ETFs cooled. The coin has gained about 5% in the past two days ahead of the Fed's policy decision. At 6:35 a.m. London time, Bitcoin was trading at $60,328.
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