Anthony Scaramucci, founder of SkyBridge Capital, believes there’s strong support in the US Senate for a significant government purchase of Bitcoin, possibly up to 500,000 BTC. On the Bankless podcast, he discussed alignment among lawmakers, particularly around a bill proposed by Senator Cynthia Lummis. Scaramucci highlighted the potential backing from influential figures like Donald Trump, suggesting this could secure a strategic Bitcoin reserve for the US. He compared Bitcoin to gold and argued that investing a small percentage of the federal budget could enhance the US’s economic strength. Despite concerns about impacts on the dollar, he sees strategic Bitcoin holdings as essential for maintaining technological competitiveness and responding to global moves, particularly from China.
Anthony Scaramucci, the founder of SkyBridge Capital and author of the new book The Little Book of Bitcoin, has expressed a strong belief that the US government might soon move to purchase a significant amount of Bitcoin—possibly up to 500,000 BTC. In a recent Bankless podcast chat with Ryan Sean Adams, Scaramucci discussed how several lawmakers seem to be gathering support for a strategic Bitcoin reserve, despite concerns about its potential impact on the US dollar.
Will Trump Support Bitcoin Purchases?
Scaramucci, who has connections with various legislators, highlighted that many senators back the proposed bill by Senator Cynthia Lummis to acquire Bitcoin. He noted, “They’ve got the votes. Hagerty wants it. McCormack wants it.” He has confidence that the Senate will likely approve this plan to increase the government’s Bitcoin holdings.
Originally, Senator Lummis suggested buying as much as one million BTC, but Scaramucci thinks the final number may vary. He speculated that instead of one million, they might settle on acquiring 400,000 to 500,000 BTC after some negotiations.
Scaramucci also mentioned former President Donald Trump as a significant supporter of this initiative. He stated, “Trump wants it to happen,” and noted that the upcoming chair of the Senate Banking Committee, Tim Scott, is on board too.
Bipartisan Support for Bitcoin?
One of the key points from Scaramucci’s comments is the possibility of bipartisan support for a Bitcoin reserve, even with some resistance from lawmakers like Senator Elizabeth Warren. He cited past bipartisan votes in favor of similar cryptocurrency legislation to emphasize that younger legislators are increasingly viewing Bitcoin as “digital gold,” making them more favorable toward government investment in cryptocurrencies.
Scaramucci made a compelling case for a strategic Bitcoin reserve by comparing it to gold. The US currently holds around $600 billion in gold. He argued that dedicating even a small portion to Bitcoin—perhaps between $750 million and $1 billion—could strengthen the US economy in this digital age.
He raised concerns about global competition, especially with countries like China possibly moving ahead with Bitcoin reserves. Scaramucci warned that if the US doesn’t act, it might lose its strategic advantages.
In summary, Scaramucci firmly believes that establishing a US Bitcoin reserve could be beneficial for the nation. He highlighted that such a plan would represent a minimal investment compared to the overall federal budget and could help the US remain competitive in the evolving digital landscape.
As of now, Bitcoin is trading at around $93,702, making discussions about its potential adoption by the government more urgent than ever.
Tags: Bitcoin, US Senate, Donald Trump, cryptocurrency, Anthony Scaramucci, strategic reserve, digital gold.
What is Trump’s Bitcoin buy?
Trump’s Bitcoin buy refers to his plan to purchase 500,000 Bitcoin. This action is drawing attention in the financial and political worlds.
Why is this significant?
This is significant because it could lead to big changes in how people view Bitcoin and cryptocurrency in general. If Trump can get support from the Senate, it might pave the way for more acceptance and regulation of digital currency.
Who is Scaramucci?
Scaramucci is a financial expert and former White House Communications Director. He is backing Trump’s plan and believes it will pass in the Senate, which adds credibility to the proposal.
What effects could this have on Bitcoin’s price?
If Trump’s plan goes through, it could lead to an increase in Bitcoin’s price. More acceptance from political figures might encourage more people to invest in Bitcoin, driving demand and value up.
How could this affect future regulations?
The passage of Trump’s Bitcoin buy in the Senate could influence how Bitcoin is regulated in the U.S. More political support may lead to clearer rules regarding cryptocurrencies, impacting how they are bought, sold, and used.
