American financier and former White House communications director Anthony Scaramucci has made bold claims regarding Bitcoin’s potential role in bolstering US dollar supremacy. Speaking at a Sydney crypto conference on Monday, Scaramucci suggested that Bitcoin, far from undermining the US dollar, could actually enhance its global dominance—a notion that, according to him, has caught the attention of former President Donald Trump.
“They’re telling him something I absolutely believe: Bitcoin is not going to hurt the US dollar or be suppressive,” said Scaramucci. “If anything, it could help US dollar supremacy.”
Stablecoins and the Future of the US Dollar
Scaramucci went on to argue that the implementation of stablecoin legislation and the creation of an electronic version of the US dollar could further cement the dollar’s dominance. Stablecoins, such as Tether, are cryptocurrencies pegged to the value of a traditional currency like the US dollar.
“If we can introduce fair stablecoin legislation in the US, if we can create an electronic version of the US dollar, it will, in fact, make the dollar more powerful, as opposed to less powerful,” Scaramucci explained.
He also pointed out that Tether holds more US Treasuries in its reserves than the governments of Japan or Germany, reinforcing his belief that stablecoins could lead to greater reliance on the US dollar. “More stablecoin legislation could lead to more reliance on the US dollar,” he added.
Trump’s Strategic Shift on Crypto
Scaramucci also noted Trump’s recent shift in stance on cryptocurrencies, attributing the change to both political and economic considerations. According to Scaramucci, Trump has recognised the growing frustration within the crypto industry and the potential influence of the crypto vote on the upcoming US election.
“Trump decided it was a good idea to pivot on crypto, and he caught it at the intersection of a very good time,” Scaramucci said. The former president has reportedly raised $80 million from crypto enthusiasts, further highlighting the political implications of embracing digital assets.
“He’s made the calculation that the crypto vote could actually affect the outcome of the US election,” Scaramucci said.
Mike Novogratz, CEO of Galaxy Digital, estimates there are 85 million digital wallets in the US, while Coinbase places the figure closer to 50 million. Scaramucci suggested that even a conservative estimate of 40 million wallets, with 5% representing single-issue voters, could make a significant impact. “Imagine how important that would be in a razor-thin election,” he said.
Bullish on Crypto and the Need for Regulation
Known for his bullish stance on cryptocurrencies, Scaramucci reaffirmed his personal and professional investments in the space, highlighting the growing demand for digital assets among the American public.
“The American people want it, the American people have spoken, and it is an emerging asset class that I’m obviously very bullish on,” Scaramucci stated. He disclosed that approximately a third of his asset management company’s holdings are in Bitcoin, Solana, and Ethereum, with more than half of his net worth tied up in the cryptocurrency space.
While expressing optimism about the future of digital assets, Scaramucci stressed the importance of regulatory clarity. “We need both sides to come together on this for the sake of the industry and for the long-term stability of the industry,” he said.
As cryptocurrencies continue to gain mainstream traction, Scaramucci’s remarks highlight the evolving relationship between digital assets and traditional financial systems. Far from viewing Bitcoin as a threat to the US dollar, he sees it as a potential ally in strengthening America’s financial dominance on the global stage.
