Is Bitcoin About to Explode? Scaramucci Explains

Meantime, Bitcoin's recent rally on pause today and crypto-related stocks like Coinbase, Strategy, and Robinhood also lower this as an update to the Senate's clarity bill would ban federal officials from issuing or sponsoring cryptocurrencies. Anthony, um >> Is that a bad idea to ban federal officials from >> It seems like it's logical, uh but apparently we do need a law in order to make that happen. >> I I think the big thing is the Democrats said to the White House, "We need an ethic ethics provision that has teeth in it." And so they said, "What do you want?" And they said what they wanted and the White House gave it to them. And now the Democrats are saying, "Well, that's not enough. We want state AGs to be able to enforce these federal ethics provisions." So, that's a real problem because then you have to redo all of the ethics codes in the federal government because you can't have the state just prosecuting the crypto and not all the other ethical potential violations in the federal code. So, they've got to get around that and they've got to have a compromise. But then the biggest problem is the procedural one. You only have 14 days to go before the August recess. So, you need what's called the procedural prep for a bill like this to happen before the weekend. Today's Wednesday. That means sometime tomorrow afternoon we're going to have to hear that that's in play so they can get it down to the floor to vote. If it gets to the floor, it's going to pass. That's my opinion cuz I think a lot of the younger Democrats are not going to want to go up against the crypto bros and their packs come November. That's my opinion. If it doesn't get to the floor, it dies a brutal death and then guys like Brian Armstrong after all the hours and time and energy that they put into this, they start building their businesses off the shore of the United States. >> May May I ask Anthony a question? Yeah. >> See, I asked permission, which I Isn't that nice? >> Yes. >> Mhm. Why is it so difficult? You hear from people, I know I do, I'm sure you do. The game is rigged. The politicians, whether it's Democrats, Republicans, it goes across the aisle, not allowing them to trade. Why is that such a difficult concept? Not just crypto, equities in general. >> Well, they make money doing that. You know, if you're paying them $180,000 a year and they have insider information, they're allowed to trade on it, they make millions of dollars a year. And so, I would rather take a Singapore model, paying $15 million a year, $10 million a year, and then get really tight on them with the ethics. But, we don't do that in this country. They can't afford two houses. Let's say you're a member of the house, you make $180,000 a year. How are you going to live in your district and how are you going to live in Washington on that money? So, they have all these different loopholes and they have all these junkets and they have these ways to get them money. And uh you know, LinkedIn today, I mean, I'll send this to you guys, they showed Nancy Pelosi's stock market performance versus the S&P and Warren Buffett. >> Okay, so it's remarkable. And so, is that fair? Does it make sense? It doesn't make sense. But, remember, when Peter Schweizer's book came out in 2011, they banned it. And then they put it back in by voice vote. They didn't even go on the floor cuz they didn't want C-SPAN to see them voting for it. So, they did a conference call and they reinstated it. And so, to me, it's very, very bad. But, you also have to understand, you have to pay these people. If you're not going to pay them, they're going to find ways to make money so that they can afford their lifestyles. >> All right, Anthony, you were a crypto skeptic, then you became a big bull and you're in on it. I mean, like Bitcoin is your thing, right? So, if you're crypto curious, but you don't really get the underlying, you know, the pillars of it, what about looking at Last night we had a great conversation. Well, I thought it was a great conversation. Maybe I brought it up, that's why it was a great conversation. We were talking about some of the institutional platforms, you know, we had talked about Coinbase and what they do. We talked about bullish, we talked about you know, Circle, you know, throw it all on. Are those interesting businesses, whether you believe in Bitcoin or not? >> I you know, listen, I love those businesses. We have a First Trust SkyBridge Digital Economy ETF called CRPT. And if you look at the list, all of those businesses you just mentioned are in those holdings. And so I'm a big believer in the picks and shovels of the digital economy and this sort of new age fintech. Now, I also believe that the stuff is coming whether people like it or not because it's better technology than what we have. This is the Uber problem. Okay, let's go back to Uber. Government hated Uber. Mayors hated Uber. Taxi commissions hated Uber. Who liked Uber? The people. And so the people basically burned them off and and and won out. You don't have enough people in crypto right now uh to fight back the government resistance to what's going on in Washington. >> Just quickly. >> Yeah. >> Bitcoin, where's it go? >> Well, it's going to grind higher because the sentiment is terrible. We're doing this a long time. Relative strength index all-time low. Fear is at like a seven on a scale of one to a 100 in terms of greed and fear. Uh and there's no supply of Bitcoin in the marketplace and there's no interest. And if you go search searchable terms on Google, Bitcoin's down 55% in terms of searchable terms. All of those reasons I think Bitcoin is bottomed. I don't think it gets much worse than here. >> All right.