Biden’s cryptocurrency policies, such as vetoing the abolition of SAB 121, have sparked controversy in the cryptocurrency community. Scaramucci supports Biden citing Bitcoin’s growth and warns of Trump’s stance on cryptocurrency in the upcoming elections.
President Joe Biden’s recent cryptocurrency policies have drawn strong criticism from the cryptocurrency community.
One of the most controversial decisions that has received widespread criticism is President Biden’s veto of the abolition of the Staff Accounting Bulletin 121 (also known as SAB 121).
In the background, the controversial accounting standard SAB 121 of the U.S. Securities and Exchange Commission has been criticized for hindering investment banks from providing large-scale cryptocurrency custody services.
Scaramucci Supports Biden
However, not everyone agrees with this view. Skybridge founder Anthony Scaramucci believes that Biden is the best choice for the upcoming elections, even for cryptocurrency voters.
In a recent conversation on the “Unchained” podcast, when asked about his vote in the upcoming elections, Scaramucci expressed his support for Biden and stated, “I believe that in the long run, this is the right choice for America, based on my understanding of Donald Trump.”
He also mentioned a warning about Trump, saying, “Remember, he had a very negative attitude towards Bitcoin and digital assets during his presidency. Now he has done a 180 because he wants your vote.”
Scaramucci also emphasized the growth of Bitcoin during the Biden administration, highlighting, “Under the Biden government, Bitcoin has risen from $1.7 million to $70,000.”
Considering Scaramucci’s viewpoint, BTC experienced significant appeal in 2024, especially with milestones such as the launch of a spot Bitcoin ETF and Bitcoin hitting a historical high of $73,000.
Is Anthony Scaramucci right?
Data from a Polymarket prediction market on the “2024 Presidential Election Popular Vote Winner” further confirms this, with Biden receiving 56% support and Trump receiving 36% support.
Considering that Polymarket is mainly used by cryptocurrency users, it shows their loyalty to the upcoming elections.
However, at the same time, in another Polymarket prediction market on the “2024 Presidential Election Winner,” Trump leads with a 60% probability, surpassing Biden’s 34%.
What does the future hold?
Therefore, as we await the election results, it will be interesting to see the eventual winner.
Meanwhile, Scaramucci stands by his position, reiterating that despite past criticisms, Trump’s stance on cryptocurrency is opportunistic, just to enhance his electoral prospects.
Thus, Scaramucci aptly concludes, “I will accept the progressive and thawing that the Biden administration is undergoing, which is more consistent and stable than this impulsiveness.”