Wall Street Bigwigs Predict Bitcoin to Hit $100,000, Fueled by Fed Rate Cuts and a Bullish Crypto ClimateAnthony Scaramucci, a well-known Wall Street hedge fund manager, recently predicted that Bitcoin could reach a staggering new all-time high of $100,000 by the end of this year. This prediction is based on the anticipated Federal Reserve rate cut cycle and the increasing likelihood of favorable crypto regulations from the US government, particularly after the November US presidential election
Wall Street Bigwigs Predict Bitcoin to Hit $100,000, Fueled by Fed Rate Cuts and a Bullish Crypto Climate
Anthony Scaramucci, a well-known Wall Street hedge fund manager, recently predicted that Bitcoin could reach a staggering new all-time high of $100,000 by the end of this year. This prediction is based on the anticipated Federal Reserve rate cut cycle and the increasing likelihood of favorable crypto regulations from the US government, particularly after the November US presidential election.
"Post-election, we'll get pro-crypto, pro-Bitcoin, pro-stablecoin legislation from the US Congress in the first part of the next congressional term," the SkyBridge Capital founder predicted during an interview on Wednesday. "That's coinciding with crypto regulations and Fed rate cuts."
Scaramucci expressed his preference for bipartisan crypto legislation with support from both Republicans and Democrats. Notably, he served as the White House Communications Director for former President Donald Trump for a mere 11 days in 2017 before being dismissed and becoming a vocal critic of the US government.
Trump, the Republican candidate, has shifted towards a pro-crypto stance in his intense competition with Vice President Kamala Harris for the White House, seeking donations and votes. Harris's public stance on crypto assets like Bitcoin has been less explicit.
Despite this, Scaramucci remains optimistic about a Harris-led US administration enacting rules that favor the development of crypto. He cites discussions about potential support for the crypto sector during the presidential election from her and the Democrat team. Last month, a consultant for Harris's campaign stated that she would support measures that facilitate the growth of the crypto space while maintaining appropriate safeguards.
Regarding the Federal Reserve's interest rate cut in September, Scaramucci expects a 50-basis point reduction, despite the recent surge in market expectations for a 25-basis point cut. He believes this will be a significant part of a larger 150-basis point cut over the next 18 months. "That's going to be very supportive of asset prices in the United States and globally," he added.
Scaramucci is not alone in his optimistic outlook on the crypto market. Standard Chartered Bank recently reaffirmed its forecast for Bitcoin to reach a new all-time high by the end of 2024, regardless of the US presidential election outcome. The bank's Head of Digital Assets also predicted that Bitcoin could reach $125,000 if Trump is elected.
Dan Tapiero, a well-known fund manager from 1RoundTablePartners, also expresses strong bullish sentiment towards Bitcoin's future trajectory. He predicts: "I think over the next six months, Bitcoin's going to go above $100,000, Ethereum's going to go above $5,000. I think there's a big crypto bull market coming."
It's worth noting that crypto has become a prominent topic in the upcoming 2024 US presidential election. Republican candidate Donald Trump has called upon the US to become the "world's Bitcoin superpower," a pro-crypto slogan that could attract votes from crypto enthusiasts and institutional leaders within the crypto space.
His running mate, Senator JD Vance (R-Ohio), also supports crypto, and their campaign has been accepting crypto donations. More significantly, after a string of Republican lawmakers, led by Trump, expressed their support and appreciation for the crypto industry, Democrats seem to be embracing a more supportive stance towards crypto.
According to reports, Senate Majority Leader, Democrat Chuck Schumer, has recently stated that passing a bipartisan crypto regulatory framework this year is "absolutely possible." While Harris has yet to formally share her views on the crypto industry, the supportive voices from within the Democratic leadership suggest she might shift the Biden administration's previous tough stance on crypto.
Bitcoin, the largest digital asset globally, reached an all-time high of $73,798 in March, driven by the booming demand for exchange-traded funds (ETFs). The rally subsequently slowed as the inflow of funds into ETFs subsided. Before the Fed's policy decision, the cryptocurrency had surged about 5% over the past two days, trading at $60,399 at the time of this writing.
In conclusion, several industry experts believe that Bitcoin can break through the $100,000 mark by the end of this year, fueled by the Federal Reserve's rate cut cycle and the increasing favorable US government stance towards crypto regulations. A new crypto bull market appears to be on the horizon.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
