Anthony Scaramucci, former White House Communications Director and Founder of SkyBridge Capital, spoke about Bitcoin and other cryptocurrency regulation in the US.
Scaramucci revealed that the statement made by Jamie Dimon, Chairman, and CEO of JPMorgan Chase was one of the main catalysts for the company to step in the game. In an interview with CNBC Crypto Trader, Scaramucci said:
“He [Jamie Dimon] made a statement several months ago saying that the whole thing [cryptocurrency] was a farce and he wasn’t a believer in digital currency and then his staff […] we are working on it, we’ve got several hundred people inside JPMorgan, are working on it and so when he came out and issued a retraction of that statement.”
This was when Scaramucci realized that they were “generationally” missing out on the potential of cryptocurrency given that one of the smartest people he knows in the financial sector stepped into the cryptocurrency market.
He further stated that the company has crossed the educational phase and is currently in the “product formulation phase”, where the company will have products related to cryptocurrency space. He further said:
“So what’s happening in the digital space is that you’re gonna create a fully secure anonymous transfer of value that’s frictionless. That is a Eureka moment in world history. That’s an epochal event and I want to be a part of the early stages. I still think we’re in the wild west of it, frankly […] It [Bitcoin] started in 2008, it’s 2018. I still think we’re on the frontier.”
Furthermore, Scaramucci spoke about the regulation in the USA, which is stopping several funds from entering the space. The former director stated that the governments were behind the “curve” and that they want to prolong the regulation of the cryptocurrency markets. He added that the governments have used 5500 years of their ability to “manipulate the currency and interest rates” and that they monetize debt.
Scaramucci further stated:
“So, let me give you a specific example. We take the United States off the gold standard in 1971, one ounce of gold was worth $35. Today, one ounce of gold is worth roughly $1200. So when people say well, we haven’t monetized something look at that and so this is scaring the living daylights out of governments, all people and policymakers because what if you can’t do that. What if you can do that to Bitcoin or Ethereum or whatever the next ICO or construct is out there”
He went on to say that because of this, the governments will prolong and “complain” about the regulating the market, eventually resulting in then realizing that the smartest move is to be a part of the space and issue their own coins.