Here’s Why Scaramucci Expects Bitcoin to Hit $100K Before Year-End

Anthony Scaramucci, the founder of the 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 a Wednesday interview with Bloomberg, Scaramucci cited interest-rate cuts and more precise crypto regulation after the November election in the United States as crucial players in the leading crypto asset’s rise to a new price height.

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

Why Scaramucci Sees BTC at $100K

The Federal Reserve will announce its interest rate call today. Words on the street suggest that the Fed will likely reduce its interest rate by a half point, easing Americans’ borrowing costs. Scaramucci supports this expectation, adding that it would “be really good for asset prices in the US and globally.”

The SkyBridge Capital founder prefers crypto-friendly legislation after the U.S. presidential election. He expects bipartisan legislation for the digital asset market backed by Republicans and Democrats.

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

On the other hand, Democratic presidential nominee Kamala Harris has shown less interest in the industry. However, with Harris winning the trust of some crypto figures, several speculators predict that she could win the election.

Scaramucci expressed conviction that a favorable crypto regulation will be dispensed under Harris’ administration if she wins, referencing conversations with her electoral team.

It is worth noting that Scaramucci has repeatedly stood on a $100,000 price prediction for the leading cryptocurrency before the year ends.

BTC Trades Above $60k

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

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