Skybridge Capital founder shows concerns about U.S. leadership but believes in the bright crypto industry

Anthony Scaramucci, the founder of the global investment firm Skybridge Capital, expressed his beliefs on the crypto industry and said it has a very bright future. However, he went on to express his concerns about the “very weak leadership” in American politics. 

Scaramucci, who is also a former director of communications at the White House, spoke casually in Australia at the Australian Financial Review Crypto Summit this Wednesday, about the ongoing and upcoming states of the industry and politics in the U.S. He said that sees a glittering future for the industry despite the blockchain technology seeming “chunky right now.”

He went on to add that one of the major hurdles that could stand in the way of the growth of the crypto sector is the “absolutely despicable” politicians among American leadership. He believes that the world “should be very worried” if some of the current front-runners become the next leaders.

He took the example of Senator Ted Cruz, whom he called “the apotheosis of hypocrisy” for his tendency to speak negatively in private about issues or people, but then speak positively about them in public. Notably, Cruz has been a major pushing factor for crypto adoption proposals in Congress.

IRS’ involvement in crypto

On one side when he has concerns about leadership, he on the other side believes that the classification of crypto as property by the Internal Revenue Service (IRS) “makes it almost impossible to extinguish it in the United States.”

Moreover, Scaramucci believes that President Biden’s latest Executive Order is “fairly optimistic.” He added:

“I predict that we‘ve already met the crossover moment where Bitcoin is going to be fairly regulated and other cryptocurrencies will be fairly regulated here in the U.S. for all of those reasons.”

Scaramucci compared the blockchain’s early days to the early days of the internet when websites used to take 30 seconds to load.

Short-term obstacles such as the lack of a spot Bitcoin ETF, residual aspects of Covid, variable supply chain disruptions, and the crisis in Ukraine temper his long-term optimism for the industry’s future and for a $500,000 Bitcoin price high point.