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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
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Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Anthony Scaramucci Foresees China Bitcoin Strategic Reserve In 2025

Ash Tiwari
Ash Tiwari
Last Updated: December 11, 2024 3:30 am
3 mins read
bitcoin

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Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital, recently shared his insights on Bitcoin (BTC) and the broader cryptocurrency market. Speaking at the Bitcoin MENA 2024 Conference, Scaramucci predicted that China would likely establish a Bitcoin strategic reserve in 2025.

Scaramucci Predicts China Will Follow the US Bitcoin Strategy

The former White House Communications director predicted that China would return to BTC mining after years of a blanket ban. In addition, the American stated that China will also likely create a BTC strategic reserve next year, following in the footsteps of the US.

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Scaramucci attributed this potential shift to the pro-crypto stance of the US, driven by the victory of Republican presidential candidate Donald Trump in the November election. He believes the US’ new regulatory framework for digital assets will pressure other nations to establish similar frameworks.

He added that China may have its own Bitcoin strategic reserve by next year. Further, the Asian giant might reconsider the ban on Bitcoin mining and use it as a tool to mine and accumulate more BTC. Scaramucci said:

China, there is no way, and I’ll bet money on this, that if the US is moving toward a strategic Bitcoin reserve, that the Chinese are not going to participate.

It is worth highlighting that last month, Scaramucci stated that BTC will trade as high as $176,000 in the next two years. He pointed toward a strong demand for BTC and its limited supply of 21 million as major driving factors that could increase the asset’s price in the coming years. 

Countries Looking To Create BTC Strategic Reserve

To recall, cryptocurrency was one of the major themes of President-elect Trump’s election campaign. Since Trump’s victory, speculations surrounding a national BTC strategic reserve have found increasing support from people across different domains.

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While countries like El Salvador already maintain national Bitcoin reserves, the US creating a similar reserve could have significant global implications. Experts predict that such a move could propel Bitcoin’s price to over $1 million.

The US isn’t the only country considering a national Bitcoin reserve. In Brazil, federal deputy Eros Biondini recently introduced legislation establishing a Sovereign Strategic Bitcoin Reserve to diversify the country’s financial assets.

Similarly, Russian State Duma Deputy Anton Tkachev has proposed the creation of a Strategic Bitcoin Reserve. This initiative aims to reduce Russia’s reliance on foreign currencies like the USD and yuan for international trade and help mitigate the impact of international sanctions.

Establishing a Bitcoin strategic reserve by any major country could trigger a domino effect, prompting others to follow suit. This trend has already been observed among corporations, such as Metaplanet and Hut 8, that have adopted MicroStrategy’s approach of adding Bitcoin to their balance sheets. BTC trades at $95,344 at press time, down 1.8% in the past 24 hours.

bitcoin
BTC trades at $95,344 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, chart from Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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