- Biden’s crypto policies, such as vetoing the repeal of SAB 121, have sparked controversy in the crypto community.
- Scaramucci endorsed Biden, citing the growth of Bitcoin and warning against Trump’s election crypto stance.
The recent crypto policies implemented by President Joe Biden have drawn significant criticism from the crypto community.
One of the most controversial decisions that drew widespread criticism was President Biden’s veto of the repeal of Personnel Accounting Bulletin 121, also known as SAB 121.
In context, SAB 121, the SEC’s controversial accounting guidelines, was criticized for discouraging large-scale cryptocurrency custody services by investment banks.
Scaramucci supports Biden
However, not everyone shares this opinion. Antonio Scaramucci, founder of SkyBridge, believed that Biden was the best choice for the upcoming election, even for crypto voters.
In a recent conversation on the “Unchained” podcast, when asked about his vote in the upcoming election, Scaramucci expressed his support for Biden and said:
“I think that’s the right choice for America in the long run and it has to do with what I know about Donald Trump.”
Adding a word of caution about Trump, he noted:
“Remember, he was very negative about bitcoin and digital assets while he was president. Now he has done a 180-degree turn because he wants your vote.”
Scaramucci also highlighted the growth of bitcoin [BTC] during the Biden administration, emphasizing that,
“Bitcoin has gone from $17,000 to $70,000 under the Biden administration.”
If we take Scaramucci’s view, BTC saw substantial traction in 2024, particularly marked by milestones such as the introduction of a Bitcoin spot ETF and Bitcoin achieving a new all-time high (ATH) of $73,000.
Is Anthony Scaramucci right?
This was further confirmed by one of Polymarket’s prediction markets data on the 2024 ‘Popular Vote Winner of the Presidential Election’, where Biden is the favorite with a 56% chance compared to 36% for Trump.
Considering Polimarket is primarily used by cryptocurrency users, it shows where their loyalties lie for the upcoming elections.
Source: Polimarket
However, at the same time, in another Polymarket prediction market for the ‘2024 Presidential Election Winner’, Trump is leading with a 60% probability, eclipsing Biden’s 34%.
Source: Polimercado
What awaits us?
So, while we await the outcome of the election, it will be intriguing to see the final winner.
Meanwhile, Scaramucci is standing firm and reiterating that, despite past criticism, Trump is being opportunistic with his stance on cryptocurrencies just to improve his electoral prospects.
And so Scaramucci summed it up aptly when he said:
“I would choose the gradualism and thawing that is happening in the Biden Administration, which is more consistent and stable than this kind of impulsiveness.”
Next: Altcoin Season Index: What the lack of momentum means for your crypto bets
This is an automatic translation of our English version.
