Former Trump Aide Says Biden's Victory Will Be Good For Bitcoin And 'For The Markets'

Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital on Monday discussed the potential impact of the upcoming 2024 U.S. presidential election on the cryptocurrency market, particularly focusing on Bitcoin (CRYPTO: BTC). 

What Happened: Scaramucci, who held a brief tenure as the White House Director of Communications under the Donald Trump administration in 2017, expressed his views on the importance of government stability for cryptocurrency markets.

In an interview with Yahoo Finance, Scaramucci said, “I tell Bitcoiners you are at risk if you get somebody that wants to destroy the institutions of democracy, separation of powers in the constitution.”

When asked about the implications of a potential second term for President Joe Biden on Bitcoin, Scaramucci said, "So we’re talking specifically for Bitcoin, I think macro, yes. Because whether you like Mr. Biden or dislike him, he’s for the rule of law and he’s for the Democratic processes of the United States."

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Why It Matters: Regarding the market’s response to potential election outcomes, Scaramucci was confident about Biden’s impact, “Mr. Trump is going to lose this election. Joe Biden will get re-elected. And that will be generally good for the markets.”

Scaramucci concluded by acknowledging the concerns around potential cryptocurrency regulation under Biden. “You may not like the regulation coming out, but at least there’s a predictable process to the law,” he explained.

He indicated a potential warming up of some Democrats to cryptocurrencies. “Even Sen. Elizabeth Warren (D-MA.) herself is starting to get uptight about the $73 million Bitcoin or crypto wallets that are in America right now."

Price Action: At the time of writing, BTC was trading at $66,863.90, up 5.93% in the last 24 hours, according to Benzinga Pro.

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Photo by Evan El-Amin on Shutterstock