Skybridge’s Anthony Scaramucci Predicts China Will Be Back In The Bitcoin Game Before 2025 Ends
In the latest development, Anthony Scaramucci, a pro-crypto businessman and SkyBridge managing partner, predicts that China will accept Bitcoin by the end of 2025.
Trump effect?
The recent victory of Trump in the US election has had a very positive impact on Bitcoin and the entire cryptocurrency ecosystem. It is worth noting that Trump adopted digital assets as he competed for victory in the November 5 election and promised to build a strategic reserve of assets in the United States. The idea has gained traction as other countries weigh in on the president-elect’s stance on Bitcoin.
Notably, lawmakers in Canada, Brazil and Russia have proposed adopting Bitcoin as a treasury reserve asset. Listed companies around the world have also increased their investments in the flagship cryptocurrency, pushing its price past $100,000.
At today’s Bitcoin MENA 2024 conference, he said that the Bitcoin movement in the United States will bring China back into the “Bitcoin game.” He insisted that China would either adopt Bitcoin as a strategic reserve asset like other countries or officially allow cryptocurrency mining.
It is worth noting that Scaramucci compared the United States’ entry into the Bitcoin market to a “match-selling competition,” saying that it is impossible for the United States to enter the Bitcoin market without attracting the attention of other countries.
“You’re not going to be in a situation where… the United States is going to Bitcoin and you’re not going to Bitcoin,” Scaramucci said.
Interestingly, former Binance CEO Changpeng Zhao also suggested that China may follow the plan proposed by US President-elect Donald Trump and adopt a strategic reserve of Bitcoin. Speaking at the Bitcoin Middle East and North Africa conference in Abu Dhabi, Zhao said smaller countries may take the lead in adopting Bitcoin reserves, with larger countries including China following suit.
Notably, Zhao admitted that the country’s stance on cryptocurrencies is unpredictable, citing a lack of government transparency. However, he described building Bitcoin reserves as “inevitable,” saying, “They have to do it at some point because it’s the only ‘hard’ asset.”
While Bitcoin has been criticized in the past, views are now changing with Trump’s support. A surge in adoption could set the stage for a significant increase in Bitcoin’s price. Galaxy Digital CEO Novogratz speculates that if the United States builds its proposed Bitcoin inventory, Bitcoin will trade at $500,000 per coin.
