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Anthony Scaramucci, the founder and management partner of Skybridge Capital, has recently shared an insight on Bitcoin (BTC) on a widespread cryptocurrency market. Scalamucci gave a lecture at Bitcoin MENA 2024 conference and predicted that China would be likely to establish a bitcoin strategic reserve in 2025.
Mr. Scalamucci, China is expected to follow US bitcoin strategies
Former White House Communications Director predicted that China would return to BTC mining after full ban for many years. In addition, the Americans said that China would be more likely to create a BTC strategy reserve next year, following the United States.
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Scalamucci believed that the potential change was due to the US parent's cryptocurrency stance caused by the victory of the Republican President Donald Trump in the November election. He believes that a new regulatory framework for digital assets in the United States will put pressure on other countries to establish a similar framework.
He added that China could hold its own bitcoin strategic reserve by next year. In addition, Asian giants may reconsider the ban on bitcoin mining, and use it as a tool for accumulating more BTCs by mining bitcoin. Scalamucci said:
In China, if the United States is working toward Bitcoin's strategic stockpiling, there is no possibility that China will not participate, and I will bet on it.
It is noteworthy last month that BTC will be trading at a high price of $ 176,000 in the next two years. He pointed out that strong demand for BTC and a limited supply of 21 million could increase asset prices over the next few years.
A country that is considering the creation of a BTC strategic reserve
Remember, cryptocurrency was one of the main themes of the next President Trump's election campaign. Since President Trump's victory, speculation over the national BTC strategy reserve has gained support from people in various fields.
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Countries, such as El Salvador, have already maintained national bitcoin reserves, but creating similar reserves can have a major impact on the United States. Experts predict that such movements could increase bitcoin prices to more than $ 1 million.
It is not only the United States that are considering nationwide bitcoin reserves. In Brazil, Deputy Federation of Eros Biondini has recently submitted a bill to establish a Sobulin Strategic Bitcoin Reserve to diversify national financial assets.
Similarly, Vice -Council Russian National Council Anton Tokachev proposed a strategic bitcoin reserve. The idea is to reduce the dependence on foreign currency, such as US dollars and yuan in Russia's international trade, and reduce the effects of international sanctions.
If major countries establish a strategic reserve for bitcoin, it may cause domino effects and other countries. This trend has already been observed by companies such as Metaplanet and Hut 8, which adopt a MicroStrategy approach to adding bitcoin to the balance sheet. BTC was traded for $ 95,344 at the time of writing, dropping 1.8 % in the past 24 hours.
BTC is traded for $ 95,344 on a daily chart | Source: TradingView.com BTCUSDT
Featured images are provided from UNSPLASH and the chart is provided from TradingView.com
