Fed Resolution Outlook: to Cut 50 Basis Points in a Big Way, Boosting Bitcoin to $100,000 by Year's End

Anthony Scaramucci, founder of hedge fund Sky Bridge, said in an interview Wednesday that the Federal Reserve could cut interest rates by 50 basis points tonight, part of a cumulative total of at least 150 basis points over the next 18 months, according to foreign media reports. That would be good for asset prices in the U.S. and globally, he argued. Bitcoin is set to hit an all-time high of $100,000 by the end of the year, driven by a series of rate cuts by the Federal Reserve and greater clarity on the regulation of cryptocurrencies in the U.S. Scaramucci said that the next U.S. Congress is set to pass a number of pieces of legislation early in its term in support of cryptocurrencies, bitcoin and stablecoins, bipartisan legislation backed by both Democrats and Republicans. At the same time, he expressed optimism about the prospects for crypto rules under the Harris administration, as an adviser to his campaign said Harris would support measures to help the industry grow while maintaining appropriate safeguards.

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