In the latest development, Anthony Scaramucci, a pro-crypto businessman and SkyBridge managing partner, predicts that China will embrace Bitcoin before the end of 2025.
The Trump Effect?
Lately, the Trump win in the US elections has had a very optimistic effect on Bitcoin and the cryptocurrency ecosystem as a whole. Notably, Trump adopted digital assets while contesting for the November 5 election win, promising to create a US strategic reserve of the asset. The idea gained prominence, with other countries weighing in the President-elect’s stance on Bitcoin.
Notably, lawmakers in Canada, Brazil, and Russia have proposed adopting Bitcoin as a treasury reserve asset. Public firms globally have also increased their exposure to the flagship crypto, which has pushed it past $100,000.
At the Bitcoin MENA 2024 Conference today, he stated that the US Bitcoin campaign will pull China back into the “Bitcoin game.” He insisted that China would either adopt Bitcoin as a strategic reserve asset, as other countries would, or officially allow crypto mining.
Notably, Scaramucci compared the U.S. entry into Bitcoin to a “match-selling race,” saying it was impossible for the U.S. to enter Bitcoin without drawing the attention of other countries.
“You are not going to be in a position in the world… where the US is moving towards Bitcoin, and you are not moving towards Bitcoin,” Scaramucci remarked.
Interestingly, former Binance CEO Changpeng Zhao has also suggested that China may adopt a strategic Bitcoin reserve, potentially following a plan proposed by U.S. President-elect Donald Trump. Speaking at the Bitcoin MENA conference in Abu Dhabi, Zhao voiced that smaller countries would likely lead the way in adopting Bitcoin reserves, with larger nations, including China, following suit later.
Notably, Zhao acknowledged the unpredictability of the country’s stance on crypto, citing the government’s lack of transparency. However, he has described the establishment of a Bitcoin reserve as ‘inevitable’ stating, “They have to do it at some point because it’s the only ‘hard’ asset.”
While Bitcoin had faced criticism in the past, however, following Trump’s endorsements, the opinions are now changing. The soaring adoption could set the stage for a massive price uptrend for Bitcoin. The Galaxy Digital CEO Novogratz speculated that Bitcoin would trade at $500,000 per coin if the US established its proposed Bitcoin stockpile.
