Skybridge Capital founder Anthony Scaramucci believes the blockchain industry has a very bright future, but is concerned about “very weak leadership” in US politics.

Scaramucci is a former White House communications director and Skybridge Capital manages the $7 billion Skybridge Bitcoin Fund.

He spoke candidly at the Australian Financial Review’s Crypto Summit held in Australia today about the current and future states of cryptocurrency and politics in the US. He said that while blockchain technology “seems clunky right now,” he sees a bright future for the industry.

However, he feels that the biggest obstacle that could stand in the way of the industry’s growth is the “absolutely despicable” politicians among American leaders. Scaramucci succinctly stated that “we should be very concerned” if some of the current top candidates become the next president.

He took particular aim at Republican Sen. Ted Cruz, whom he referred to as “the apotheosis of hypocrisy” for what Scaramucci feels is his tendency to speak negatively about issues or people like Trump in private, but then speak positively about them in public. . The industry will not hesitate to hope that this trait does not apply to Cruz’s views on cryptocurrencies.

Senator Cruz is a very public cryptocurrency advocate and introduced legislation on March 30 that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) to individuals.

Despite his concerns about politicians, Scaramucci believes that the IRS’s classification of cryptocurrency as property “makes it almost impossible to extinguish it in the United States.” Furthermore, he sees President Biden’s latest Executive Order as “pretty optimistic.”

“I predict that we have already reached the crossover point where Bitcoin will be fairly regulated and other cryptocurrencies will be fairly regulated here in the US for all of those reasons.”

Scaramucci compared these early days in the blockchain space to the early days of the internet, where web pages took 30 seconds to load.

“Imagine where we could be in five years, where pretty much everyone in the Western world will have a smartphone wallet on their smartphone and will probably be able to transact with every restaurant in the world.”

His long-term optimism for the future of the industry and for a BTC price high point of $500,000 is tempered by short-term headwinds such as the lack of a Bitcoin Spot ETF, “lingering aspects of Covid, various supply chain disruptions” and the war in Ukraine.

Skybridge attempted to launch a spot Bitcoin ETF but was rejected by the Securities and Exchange Commission (SEC) in January.

Related: US Lawmakers Introduce Supplemental Bill to ‘Mitigate Risks’ of El Salvador’s Bitcoin Law

He ignored former TradFi critics Warren Buffet and Charlie Munger, simply stating that “Bitcoin doesn’t care” how they feel about it. In February, Munger compared Bitcoin to a “venereal disease” at a shareholder session, to which Scaramucci responded by saying:

“Charlie Munger says that (Bitcoin) is the worst thing that has ever happened to this civilization, even though we’ve had atomic bombs, we’ve had pandemics, global wars and genocide.”

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