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Anthony Scaramucci, the founder of SkyBridge Capital, has come out to say he expects the US to come up with Mama Bear regulations for the crypto space. He said this during an interview while discussing what he expects to come out of six crypto executives giving testimonies before the House Committee on Financial Services later today.

According to Scaramucci, the House Committee on Financial Services giving the crypto CEOs a chance to air their opinions is a positive step. He added that such moves are part of the government’s efforts to ensure the crypto market stays in the US. With such moves, he believes many good things are coming to the crypto space.

That said, he recommended Coinbase (COIN) and MicroStrategy (MSTR) stocks to any investor looking to purchase equity in the crypto space. Scaramucci also noted that coins like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Algorand (ALGO/USD) are primed for a rally at the beginning of 2022.

Explaining why he is bullish on the above digital assets the former White House Communications Director said more institutions would buy them. He attributed the current sluggishness in the market to profit-taking. Nonetheless, Scaramucci pointed out that the coins are up three-and-a-half to six times from where they were at a time like this last year.

This news comes after Scaramucci said BTC would eventually topple gold as the preferred store of value. According to him, BTC has superior technical traits than gold. He pointed out that people can transfer BTC securely and store it safely due to the underlying DLT technology.

On top of this, he said BTC is scarcer than gold because of its 21 million supply cap. On the other hand, only 65% of gold is already mined. To this end, he believes BTC will become 10 times better than gold.

Before this, Scaramucci predicted that BTC would surge to $500,000.00 (£378,632.50) in the next few years because of its scarcity. He said that the 21 million supply cap means there aren’t enough coins for every millionaire in society to own at least one coin. At the time, BTC was trading above $60,000.00.

"These coins will easily trade at $500,000 a coin. You don't even have enough bitcoins for every millionaire in our society to own one coin," says @Scaramucci #btc #bitcoin pic.twitter.com/AxB9F4Vqyq

At the time of writing, BTC is trading at $50,373.56 (£38,134.04) after losing 1,.63% over the past 24 hours. BTC’s current price represents a 27.25% dip from its November 10 ATH of $68,789.63 (£52,075.47).

The post Anthony Scaramucci says he expects Mama Bear regulations for crypto appeared first on Invezz.

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