SkyBridge Capital’s CEO, Anthony Scaramucci, remains optimistic about Bitcoin’s future, especially as his former boss, President Donald Trump, promotes a supportive stance toward cryptocurrency.
“In a couple of months, we might see regulatory clarity on stable coins — this could boost Bitcoin,” Scaramucci, whose firm has made significant investments in crypto, recently shared with Quartz. “With increasing clarity, I believe the market will strengthen.”
The Trump administration’s approach to crypto has been more favorable compared to that of former President Joe Biden. Recently, it hosted a summit featuring key industry leaders. Shortly after taking office, the Securities and Exchange Commission (SEC) initiated a crypto task force aimed at creating a regulatory framework that promotes positive actions.
To date, the SEC has withdrawn around a dozen lawsuits filed against various crypto companies. Discontent with these lawsuits contributed to the overwhelming support for Trump among industry players during the 2024 election.
Additionally, the agency established a policy stating that meme coins — cryptocurrencies driven by viral memes, trends, and pop culture — do not qualify as securities. Several meme coins, like $Trump and $Libra, which had backing from Trump and Argentinian President Javier Milei, have caused financial losses for investors due to “pump and dump” schemes.
“Those meme coins have negatively impacted the marketplace,” Scaramucci expressed, referencing cryptocurrencies introduced by celebrities like Trump. Leading figures within the crypto sector have criticized the $Trump meme coin and similar projects, arguing that these diminish the reputation of legitimate participants.
Scaramucci made these remarks just days before the White House’s official executive order to establish a strategic Bitcoin reserve, alongside a separate collection of other digital assets. The U.S. holds more than 198,000 Bitcoin, valued at about $17.2 billion, according to Arkham. Additionally, it possesses significant amounts of other cryptocurrencies, including Ethereum and Tether.
“The fact that the United States is unlikely to liquidate its 200,000 Bitcoin on its balance sheet is positive for Bitcoin’s supply-demand ratio,” Scaramucci noted. After the executive order was signed, he wrote on X, praising the initiative as “incredibly well done.”
The strategic reserve aims to maintain a fixed supply of 21 million coins, as outlined in Trump’s executive order, which likened Bitcoin to “digital gold.” The Commerce and Treasury departments have also been empowered to formulate “budget neutral” strategies for acquiring additional Bitcoin.
“There’s also a game theory aspect to consider,” Scaramucci remarked, indicating that White House crypto czar and venture capitalist David Sacks aspires to ensure the reserve’s bipartisan nature.
“No one contests the value of oil. There’s no bipartisan disagreement over gold or lithium or other rare earth elements in our strategic reserves,” he stated. “No one is going to wake up and say, ‘Trump loves oil. I don’t. Let’s sell our strategic reserve.’”
However, market reactions have been unfavorable following Trump’s directives. At the moment, Bitcoin trades under $78,000, a drop from its peak of $109,000, and nearly 20% lower than a month ago.
The highly volatile crypto market took a hit after North Korean hackers siphoned off $1.5 billion in Ethereum by exploiting a weakness in SafeWallet’s platform. SafeWallet announced on Thursday that it has bolstered its infrastructure to address the identified vulnerabilities. This, coupled with “meme coin mania,” skepticism regarding Trump’s plans, and concerns over a tariff-induced recession, has kept Bitcoin’s price low.
Nevertheless, Scaramucci, who anticipates Bitcoin will rise to $200,000 by the year’s end, believes that crypto will eventually recover.
“With 36 years in the business, I’ve seen this play out before,” Scaramucci stated. “It’s going to be an integral part of our financial technology and future.”
