Former White House Communications Director Anthony Scaramucci weighed in on the possible impact on Bitcoin BTC/USD prices if former President Donald Trump wins his second term in the upcoming elections, ahead of the Bitcoin 2024 conference.
What Happened: Scaramucci, a known proponent of Bitcoin and cryptocurrencies as an asset class, highlighted how a second Trump presidency could influence prices of the apex crypto, in an interview with CNBC.
"I applaud President Trump for that."
He also went into detail about the stance of the Democratic party and how Trump’s outreach to cryptocurrency proponents has taken his rivals by surprise.
"I think President Trump's move to court Bitcoin and towards crypto assets has shaken the Democrats at core."
Scaramucci, who started investing in Bitcoin in 2020 and is writing a book on King Crypto, also had a word of caution for Democrats.
"Very smart, younger Democrats are recognizing that they're way off base with their positions, they're way off with these SEC lawsuits and regulation by enforcement," he added.
The former White House official also underscored his belief that Trump would be "very well welcomed" at the Bitcoin 2024 conference, where the former president is scheduled to deliver the keynote address.
Ahead of the conference, Sen. Tim Scott (R-S.C) underscored the importance of the King Crypto, saying, "Bitcoin's future has to be in America. What we know about the Biden administration and the SEC, is that they are anti-Bitcoin, anti-digital assets."
Why It Matters: The optimism among Bitcoin supporters has been rising in light of the possibility of Trump winning his second term, with Bitcoin conference fundraiser tickets skyrocketing to $844,600 per person.
Analysts at research and brokerage firm Bernstein think that a Trump win could also stir the Bitcoin market. They believe that the market has not yet accounted for a positive shift in cryptocurrency regulations if Trump is re-elected in November.
There are rumors that Trump might also announce Bitcoin as a strategic reserve asset during the Bitcoin conference on July 27.
Price Action: At the time of writing, Bitcoin was trading at $67,965, up 1.43% in the last 24 hours, according to data from Benzinga Pro. Bitcoin has surged nearly 54% in 2024 so far.
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