Crypto won't suppress US dollar: Scaramucci

Financier Anthony Scaramucci believes Donald Trump has embraced Bitcoin because it's actually a plus for US dollar supremacy.

Financier Anthony Scaramucci says Donald Trump has embraced Bitcoin because it’s a plus for US dollar supremacy.

The former White House communications director told The Australian on Monday that cryptocurrencies are “a net positive for the world”.

“It’s a net positive for the United States and it’s a net positive for the dollar,” Mr Scaramucci said.

“It’s a way for the United States to maintain its financial hegemony, which is good for the world and good for the United States.”

Mr Scaramucci, who is now the managing partner of investment firm SkyBridge Capital, said that cryptocurrencies are “here to stay”.

“It’s a new asset class and it’s going to be a big part of the world’s financial system,” he said.

“I think we’re going to see a lot of institutional adoption of cryptocurrencies in the coming year.”

Mr Scaramucci’s comments come as Bitcoin has surged to new all-time highs in recent weeks. The world’s largest cryptocurrency is now trading above $60,000.

The Trump administration has been largely supportive of cryptocurrencies, with the Treasury Department issuing guidance in 2020 that classifies certain digital assets as securities.

However, the Biden administration has yet to take a clear stance on cryptocurrencies.