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Why President Joe Biden Re-Election Will Benefit Bitcoin

2 mins
Updated by Kyle Baird
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In Brief

  • Anthony Scaramucci makes his case for why Biden's presidency positively influences crypto and financial markets.
  • Advocating for traditional societal structures, Scaramucci sees them as vital for crypto's success.
  • Biden's adherence to the rule of law is expected to expedite crypto regulations, providing a stable legal framework.
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Anthony Scaramucci, founder and managing partner of Skybridge, asserts that United States President Joe Biden positively impacts the crypto and overall financial markets.

Scaramucci’s stance reflects Biden’s proposals for crypto-related legislation in recent years.

Joe Biden Potentially a Positive for Bitcoin

A recent report indicated that Scaramucci advocates for a president who upholds the traditional hierarchical structure of society as the safest and most likely path to success, including for crypto.

“I tell Bitcoiners you are at risk if you get somebody that wants to destroy the institutions of the democracy, separation of powers in the constitution. The country has been made great, it is great — it doesn’t need to be made great again.”

Additionally, he asserts that Biden’s adherence to the rule of law will expedite the establishment of crypto regulations.

While these regulations may not please everyone, having clear guidelines will provide a solid basis for legal arguments in court.

Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading

“But it’ll also be very good for Bitcoiners. Because you may not like the regulation coming out, but at least there’s a predictable process to the law. And we’ll continue to beat the Biden administration in the court system of the United States.”

Meanwhile, Scaramucci alleges that Trump wants to pull the FCC licenses of people who are critical of him. He warned that Trump has made it,

“Very, very clear that he wants to persecute journalists that don’t like him.”

Will Biden Raise Up or Stifle Crypto Innovation?

The US Presidential election will take place on November 5. At the time of publication, polls from different sources all show Trump slightly ahead of Biden by between two and five points.

Donald Trump vs. Joe Biden polling averages. Source: The Economist
Donald Trump vs. Joe Biden polling averages. Source: The Economist

On September 7, BeInCrypto reported that Chris Larsen, co-founder of Ripple, criticized Biden for his stance against crypto, which he believes hinders the nation’s innovation.

Furthermore, Coinbase CEO Brian Armstrong pointed out that many US crypto companies have gone offshore due to the lack of regulations within the nation.

Read more: Bitcoin Price Prediction 2024/2025/2030

Biden’s administration recently proposed a heavy tax on crypto mining due to its perceived negative environmental impact. The Digital Asset Mining Energy (DAME) excise tax would equal 30% of the cost of electricity used in any cryptocurrency mining operations.

The Biden administration further introduced a proposal to impose stricter regulations on brokers regarding the tax reporting of digital asset purchases and sales.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.