SkyBridge Founder: Cryptocurrency Voters May Cause Harris to Lose the U.S. Election

Guest: Anthony Scaramucci, Founder of SkyBridge

Host: Giovanni Pigni, Video Reporter at Cointelegraph

Compiled by: Deep Tide TechFlow

Background Information

In this episode, SkyBridge Capital founder Anthony Scaramucci explains why Trump's victory in the U.S. election will not benefit the crypto industry, and how Kamala Harris jeopardizes her chances by ignoring voters who support crypto.

Who is the more suitable candidate in the cryptocurrency market, Trump or Harris?

• Anthony states that, despite his critical stance on Trump, the industry generally views Trump as the better candidate from a crypto perspective.

• However, Anthony points out that the industry has overlooked many factors that need careful consideration in this choice.

• He further analyzes Trump's policy intentions, believing that Trump wants to change the U.S. system, weaken the judiciary and legislative branches, and strengthen executive power, which could lead to an oligarchic situation. He warns that this change could undermine capital markets and the U.S.'s position globally. Although Trump may introduce some positive cryptocurrency policies, it could also lead to significant chaos in the world.

• In contrast, Anthony believes that the Biden administration has performed well economically. Despite his dissatisfaction with the government's anti-crypto stance, he still finds the Biden administration commendable in terms of legal respect. He mentions that as Bitcoin enters the realm of obtaining official ETFs, if Harris is elected, there will be significant progress in cryptocurrency regulation.

• Finally, Anthony emphasizes that he believes Bitcoin will perform well under Harris's leadership, and the world will become better, which is why he has decided to support Harris.

Are Harris's attempts to collaborate with the crypto industry seen as a "scam"?

The host mentions that many in the crypto industry are not confident in the Democratic Party's shift in cryptocurrency policy. He notes that the Federal Reserve cracked down on a few U.S. banks supporting cryptocurrency on August 9, and Tyler Winklevoss stated that the crypto reset the Democrats are trying to showcase is actually a scam, implying that Harris's presidency will continue to oppose cryptocurrency policies.

• Anthony expresses that he believes Tyler is correct on this issue. He admits it frustrates him, but he is not a single-issue voter and is more concerned about broader impacts. He points out that despite the Biden administration's tough stance, the cryptocurrency industry is still performing well. He emphasizes his efforts in promoting positive regulatory reforms and ending activities similar to "Operation Choke Point 2.0."

• Anthony tells the audience that Tyler's viewpoint is reasonable, and if someone chooses to support Trump, he can understand that decision, but he himself will not support Trump because he understands the dangers Trump poses. He hopes to promote the concept of cryptocurrency and regulatory cooperation across party lines, as he believes this will be more beneficial for the industry's development. He insists that this bipartisan cooperation is necessary.

Do you believe in Trump's Bitcoin reserve plan?

• Anthony responds positively, believing that if Trump indeed implements this plan, it would be a very good idea. He praises the many smart people around Trump, such as David Bailey, who provide him with advice. He mentions that he has heard Trump's speech at a Bitcoin conference and found the content quite good.

• Anthony envisions that if the U.S. could have one to three million Bitcoins and list them as strategic asset reserves on the national debt balance sheet, it would be a very wise move. He emphasizes that if the value of these Bitcoins reaches hundreds of thousands of dollars, just imagine the potential value and impact of this plan.

Can cryptocurrency voters have an impact in U.S. elections?

• Anthony further analyzes that if Vice President Harris loses the election, post-election analysis may point out that her stance on the cryptocurrency industry was one of the reasons for her defeat, as she underestimated the number of people who own cryptocurrency. He mentions that about 50 million people in the U.S. hold cryptocurrency, many of whom may be single-issue voters.

• He poses a hypothetical scenario: even if only 25 million people own cryptocurrency, if 5% of them are single-issue voters, that means there could be 1.25 million potential voters in swing states. If these voters turn out in swing states, Harris could lose the election as a result. Anthony emphasizes that the Democratic Party's negative strategy towards cryptocurrency is a clear signal, and he is working to encourage some Harris supporters to listen to the voices of the cryptocurrency industry in hopes of changing her policy direction, but he is uncertain whether she is willing to do so.

Will the U.S. elections trigger the next crypto bull market?

• Anthony states that first, we need to review the history of Bitcoin's development. He mentions that since Bitcoin's inception, it reached its all-time high for the first time before the halving. Additionally, an ETF (Exchange-Traded Fund) was introduced before this halving. After the halving, the daily Bitcoin production decreased from 900 to 450, which put selling pressure on the market. He also mentions that during the Mt. Gox bankruptcy event, about $9 billion worth of Bitcoin was sold off in a short period.

• He believes that despite facing these selling pressures, Bitcoin is still able to trade around $60,000, indicating the market's health. He predicts that Bitcoin could reach $100,000 in three months and explains that the selling pressure from Mt. Gox and the U.S. and German government sell-offs has dissipated, combined with the market's positive response to ETFs, all of which are important factors driving Bitcoin's rise.

• Anthony concludes by saying that while the elections may serve as a catalyst, he believes the real catalyst is the lack of sellers in the market, especially after the Mt. Gox and government sell-offs, which will be the key factor driving up Bitcoin prices.

Which crypto projects are you currently optimistic about?

Anthony shares his views on several projects, mentioning the assets he holds, including:

• Bitcoin - As the leader of cryptocurrencies, Anthony is optimistic about Bitcoin's long-term prospects.
• Ethereum - As a smart contract platform, Ethereum holds a significant position in decentralized applications (dApps) and DeFi (decentralized finance).
• Solana - Anthony mentions his investment in Solana, likely due to its high performance and low transaction fees.
• Algorand - He also holds Algorand, possibly valuing its technology and application potential.
• Avalanche - Anthony expresses high respect for the Avalanche team and holds a significant position.
• Vulgar Forge - This is a gaming token, in which Anthony holds a small position.

He summarizes that his main investments are concentrated in Bitcoin and Solana, indicating that these projects have considerable potential and value in his eyes.

When can we expect the U.S. to approve a Solana ETF?

Anthony analyzes whether Solana will become the next approved Exchange-Traded Fund (ETF), with the main points as follows:

• SEC's Position: Anthony points out that the U.S. Securities and Exchange Commission (SEC) views Solana as a security, which complicates its inclusion in an ETF. In the U.S., a single security cannot be directly included in an ETF, but multiple securities can be combined.
• Example of Ethereum: He mentions that if Ethereum is deemed a non-security, then why is Solana considered a security? This inconsistency confuses the industry and criticizes the current regulatory body's double standards.
• Future Regulatory Changes: Anthony believes that as the U.S. elections progress, existing SEC regulators may be replaced by those more supportive of the industry, which will help push for the approval of a Solana ETF. If Trump wins the election, he believes there is a good chance that the Solana ETF will be approved in the first quarter of next year.
• Long-term Outlook: Even if Trump loses the election, Anthony still believes that by the end of 2025, the Solana ETF could still be approved, as he thinks the industry will win legally and that current regulatory actions are unfair.

Overall, Anthony holds an optimistic view on the future of the Solana ETF, but he also acknowledges that the specific approval timeline remains uncertain and may be influenced by the political and regulatory environment.