Could Bitcoin Break Its All-Time High? Hedge Fund Mogul Scaramucci Is Bullish on Crypto

Could Bitcoin Break Its All-Time High? Hedge Fund Mogul Scaramucci Is Bullish on CryptoHedge fund manager Anthony Scaramucci predicts that Bitcoin will break its all-time high, fueled by a double whammy of Fed rate cuts and clearer US cryptocurrency regulation following the November presidential election.Were going to see legislation that is supportive of crypto, Bitcoin and stablecoins in the first phase of the next term in the US Congress, Scaramucci, founder of SkyBridge Capital LLC, said in an interview on Wednesday

Could Bitcoin Break Its All-Time High? Hedge Fund Mogul Scaramucci Is Bullish on Crypto

Hedge fund manager Anthony Scaramucci predicts that Bitcoin will break its all-time high, fueled by a double whammy of Fed rate cuts and clearer US cryptocurrency regulation following the November presidential election.

Were going to see legislation that is supportive of crypto, Bitcoin and stablecoins in the first phase of the next term in the US Congress, Scaramucci, founder of SkyBridge Capital LLC, said in an interview on Wednesday. And were going to have the Fed cutting interest rates.

Scaramucci said he favors bipartisan legislation, which has support from both Republicans and Democrats. Republican presidential candidate Donald Trump, in a close race for the White House with Vice President Kamala Harris, has embraced cryptocurrencies to attract donations and votes. Harris's stance on digital assets is less clear.

Scaramucci expressed optimism about the outlook for crypto regulations under a Harris presidency, citing discussions he has had with the Harris campaign. Last month, an advisor to the Harris campaign suggested that she supports measures that would help the industry grow while upholding appropriate safeguards.

The Fed is likely to cut interest rates by 50 basis points on Wednesday and at least 150 basis points in the next 18 months, Scaramucci said. Thats going to be very beneficial for US and global asset prices, he added, saying Bitcoin could hit $100,000 by year-end. He made the comments on the sidelines of a conference in Singapore.

The worlds largest digital asset hit an all-time high of $73,798 in March, boosted by demand for US Bitcoin ETFs. The rally then slowed as inflows to ETFs cooled. The coin rose about 5% in the two days leading up to the Feds policy decision. Bitcoin was trading at $60,328 at 06:35 London time.

Scaramuccis views echo recent market performance. Bitcoin has rebounded sharply in recent weeks, possibly on optimism about prospects for the US economy and expectations for improved crypto regulation.

Still, some analysts are cautious about Scaramuccis prediction. They argue that while Fed rate cuts and clearer crypto regulation could be tailwinds, more support is needed for Bitcoin prices to rise.

For example, some analysts point out that the crypto market remains highly volatile, and there is still uncertainty about US government policy on cryptocurrencies. Moreover, global economic uncertainty could also weigh on the crypto market.

Therefore, investors should exercise caution when investing in Bitcoin and pay attention to risk management.

Summary

Scaramuccis prediction suggests that Bitcoin may be poised for further gains in the coming months. However, investors should be mindful of market risks and regulatory uncertainties and make informed investment decisions.