Here’s Why Scaramucci Expects Bitcoin to Hit $100,000 Before the End of the Year

Anthony Scaramucci, the founder of investment firm SkyBridge Capital, has backed his prediction that bitcoin (BTC) will reach $100,000 before the end of the year with two potential drivers.

In an interview with Bloomberg on Wednesday, Scaramucci cited interest rate cuts and tighter crypto regulation after November’s U.S. election as crucial players in the leading crypto asset’s rise to a new high. price level

“We’re going to get pro-crypto, Bitcoin and stablecoin legislation in the first part of the next Congressional term in the US. At the same time, you’re dealing with rate cuts from the Federal Reserve,” he said.

Why Scaramucci sees BTC at $100,000

The Federal Reserve will announce its interest rate call today. Word on the street suggests the Fed will likely cut its interest rate by half a point, reducing borrowing costs for Americans. Scaramucci supports this expectation, adding that “it would be very good for asset prices in the US and globally.”

SkyBridge Capital founder favors crypto-friendly legislation after US presidential election. He expects bipartisan legislation for the digital asset market supported by Republicans and Democrats.

As campaigns go, Republican presidential candidate Donald Trump is very pro-crypto, making several promises to promote assets like Bitcoin if elected. This move has earned him the support of crypto enthusiasts in the country.

On the other hand, Democratic presidential candidate Kamala Harris has shown less interest in the industry. However, with Harris gaining the trust of some crypto figures, several speculators are predicting that he could win the election.

Scaramucci expressed confidence that favorable crypto regulation will be dispensed under the Harris administration if he wins, citing conversations with his campaign team.

It’s worth noting that Scaramucci has repeatedly come up with a $100,000 price prediction for the leading cryptocurrency before the year ends.

BTC trades above $60,000

Meanwhile, after seeing a price peak above $73,700 in March, bitcoin has retraced its steps to lower levels. Although the major crypto asset has been struggling since the beginning of this month, experts believe it will perform well in October.

At the time of writing, BTC was trading at $60,200, representing a 2.67% increase in the last 24 hours.

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