Anthony Scaramucci, pro-crypto businessman and SkyBridge managing partner, predicts China to embrace Bitcoin before the end of 2025.
US President-elect Donald Trump’s impact on the ecosystem has been massive since his campaign days. Trump adopted digital assets while vying for the November 5 election win, promising to create a US strategic reserve of the asset.
Following his win, this idea has gained prominence. Although the concept remains speculative, other countries have noted Trump’s Bitcoin stance.
For context, lawmakers in Canada, Brazil, and Russia have proposed adopting Bitcoin as a treasury reserve asset. Public firms globally have also stepped up their exposure to the pioneering cryptocurrency, spurring its latest push past $100,000.
China to Enter the Bitcoin Game: Scaramucci
In the latest development, Scaramucci said the surging adoption will continue. Speaking at the Bitcoin MENA 2024 Conference today, the Wall Street business stated that the US Bitcoin campaign will pull China into the “Bitcoin game.”
He insisted that China would either adopt Bitcoin as a strategic reserve asset, as other countries would, or officially allow crypto mining. Notably, China accounts for over 10% of the global mining capacity despite banning crypto-related activities within its borders.
Notably, Scaramucci compared the United States’ entrance into Bitcoin to a “match-selling race.” The SkyBridge managing partner stated that it was impossible for the US to foray into Bitcoin without attracting the attention of other nations.
“You are not going to be in a position in the world… where the US is moving towards Bitcoin, and you are not moving towards Bitcoin,” Scaramucci remarked.
Adoption Impact on Bitcoin
Meanwhile, the growing embrace of Bitcoin among nations and public entities has marked a new phase of the asset’s mainstream adoption. For context, Bitcoin had faced criticism in the past. However, the tides are turning in its favor following Trump’s endorsement.
Notable analyses have suggested that the adoption curve would spur a massive Bitcoin price uptrend. For instance, Galaxy Digital CEO Novogratz speculated that Bitcoin would trade at $500,000 per coin if the US established its proposed Bitcoin stockpile.
Furthermore, analysis from IntoTheBlock and Bernstein asserts a surge past $200,000 before the end of next year if the reserve prospect materializes. In the meantime, Bitcoin trades at $97,935, down less than 1% in the past 24 hours.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
