Former White House Director of Communications Anthony Scaramucci spoke about the future of crypto and American politics at an event this week, and said that the IRS treatment of crypto as property “makes it almost impossible to extinguish it in the United States.”
Scaramucci said blockchain “seems clunky right now,” but had a bright future at the Australian Financial Review Crypto Summit earlier this week.
“I predict that we've already met the crossover moment where Bitcoin is going to be fairly regulated and other cryptocurrencies will be fairly regulated here in the U.S. for all of those reasons,” Scaramucci said.
“Just imagine where we could be in five years, where virtually everyone in the Western world will have a smartphone wallet on their smartphone and they'll likely be able to transact with every restaurant in the world.”
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Scaramucci said he was “fairly optimistic” about the executive order on cryptocurrencies President Biden signed earlier last month. The IRS treatment of crypto as property “makes it almost impossible to extinguish it in the United States,” he added.
In the past, Scaramucci has assailed Bitcoin detractors for their overly bleak assessment of the virtual assets, including Berkshire Hathaway vice chairman Charlie Munger, who told shareholders in February that Bitcoin was like a “venereal disease” and deserved to be banned: “Munger says [Bitcoin’s] the worst thing that's ever happened in this civilization, even though we've had atom bombs go off, we've had pandemics and global wars and genocides.”