Anthony Scaramucci Predicts China Will Establish Bitcoin Reserve by 2025
Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital, shared insights on Bitcoin (BTC) and the cryptocurrency market at the Bitcoin MENA 2024 Conference. He predicted that China would establish a Bitcoin strategic reserve in 2025.
Scaramucci Predicts China's Shift Towards Bitcoin
Scaramucci anticipates that China will resume BTC mining following its previous ban and create a Bitcoin strategic reserve next year, similar to the US strategy. He attributes this possible change to the pro-crypto stance of the US, influenced by the potential victory of Republican presidential candidate Donald Trump in the upcoming election. Scaramucci believes that the US regulatory framework for digital assets will encourage other nations to adopt similar measures.
China, there is no way, and I’ll bet money on this, that if the US is moving toward a strategic Bitcoin reserve, that the Chinese are not going to participate.
Recently, Scaramucci stated that BTC could reach $176,000 within two years, citing strong demand and its capped supply of 21 million as key factors for price increase.
Global Interest in Bitcoin Strategic Reserves
The concept of a national Bitcoin strategic reserve gained traction during Trump's election campaign. Countries like El Salvador already hold national Bitcoin reserves, and speculation about the US creating a similar reserve has increased support across various sectors. Experts suggest such a move could drive Bitcoin's price above $1 million.
Brazil is also exploring a national Bitcoin reserve, with federal deputy Eros Biondini proposing legislation for a Sovereign Strategic Bitcoin Reserve. Russia's State Duma Deputy Anton Tkachev has similarly proposed creating a Strategic Bitcoin Reserve to decrease reliance on foreign currencies and mitigate international sanctions.
The establishment of a Bitcoin strategic reserve by any major country may trigger a chain reaction, prompting others to follow. Corporations like Metaplanet and Hut 8 have already adopted MicroStrategy’s approach of adding Bitcoin to their balance sheets. BTC trades at $95,344, down 1.8% in the past 24 hours.
