Anthony Scaramucci Foresees China Bitcoin Strategic Reserve In 2025
SkyBridge Capital founder and managing partner Anthony Scaramucci recently shared his insights on Bitcoin (BTC) and the broader cryptocurrency market. Speaking At the Bitcoin MENA 2024 conference, Scaramucci predicted that China may establish a Bitcoin strategic reserve in 2025.
Scaramucci predicts China will copy U.S. Bitcoin strategy
The former White House communications director predicts that China will return to Bitcoin mining after years of a blanket ban. In addition, Americans said that China may also follow the footsteps of the United States next year and establish a strategic reserve of Bitcoin.
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Scaramucci attributed the potential shift to the U.S.’s pro-cryptocurrency stance, driven by Republican presidential candidate Donald Trump’s victory in the November election. He believes that the new digital asset regulatory framework in the United States will force other countries to establish similar frameworks.
He added that China may have its own strategic reserve of Bitcoin next year. Additionally, the Asian giant may reconsider its ban on Bitcoin mining and use it as a tool to mine and accumulate more Bitcoins. Scaramucci said:
China, there is no way, I bet if the United States is moving towards a strategic reserve of Bitcoin, the Chinese will not participate.
It is worth emphasizing that last month, Scaramucci point out BTC will trade as high as $176,000 in the next two years. He pointed to strong demand for BTC and its limited supply of 21 million coins as the main driver that could increase the price of the asset in the coming years.
Countries seeking to build strategic reserves of Bitcoin
Recall that cryptocurrency was one of the themes of President-elect Trump’s campaign. Since Trump’s victory, speculation surrounding the National Strategic Bitcoin Reserve has gained increasing support from a diverse group of people.
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While countries like El Salvador already maintain national Bitcoin reserves, the creation of a similar reserve by the United States could have significant global ramifications. expert predict The move could push the price of Bitcoin above $1 million.
The United States is not the only country considering establishing a national Bitcoin reserve. In Brazil, federal deputy Eros Biondini recently introduce Legislate the creation of a sovereign strategic Bitcoin reserve to diversify the country’s financial assets.
Likewise, Russian State Duma Deputy Chairman Anton Tkachev recommended Build a Bitcoin strategic reserve. The move aims to reduce Russia’s reliance on foreign currencies such as the U.S. dollar and yuan in international trade and help mitigate the impact of international sanctions.
Any major country establishing a strategic reserve of Bitcoin could trigger a domino effect, prompting other countries to follow suit. This trend has been observed in businesses, e.g. super planet and Cabin 8these companies have adopted MicroStrategy’s approach to adding Bitcoin to their balance sheets. At press time, BTC was trading at $95,344down 1.8% in the past 24 hours.
Featured images from Unsplash, charts from Tradingview.com
