Summary:
Scaramucci believes the US will resolve its debt crisis by allowing slight inflation.
The budget deficit has increased by 8%, totaling $1.833 trillion.
Scaramucci prefers Harris's economic plan over Trump's, despite Wall Street's expectations.
Bitcoin is predicted to surge to $170,000 within 18 to 24 months.
Currently, Bitcoin is trading around $71,865, up 69% this year.
US Debt Crisis and Economic Plans
SkyBridge Capital founder Anthony Scaramucci recently shared his perspective on the US debt crisis, suggesting that the country will effectively tackle the issue by allowing inflation to rise slightly. While this may negatively impact savers and lower- to middle-income households, Scaramucci maintains a contrarian stance amidst the heated economic debate leading up to the November 5 election.
Skybridge Capital founder is taking a contrarian view to one of the most polarizing economic debates ahead of the Nov. 5 election. Getty Images
Rising Concerns Over Debt Sustainability
The backdrop to Scaramucci’s comments includes rising concerns about a technical default and potential debt-ceiling standoffs, particularly after the government reported an 8% increase in its budget deficit for the fiscal year, totaling $1.833 trillion—the third-largest federal deficit in US history.
Economic Plans and Political Landscape
Scaramucci’s remarks contrast with many market participants who are increasingly worried about US debt sustainability. The debate has intensified as market forces estimate that Donald Trump’s economic plans would add significantly more debt compared to those of Kamala Harris. Scaramucci expressed a preference for Harris's plan, despite it being unpopular among his Wall Street peers.
Bitcoin's Future
Looking to the future, Scaramucci predicts that Bitcoin will reach $170,000 by mid-2026, citing a potential threefold rise in value within 18 to 24 months. He attributes this optimism to Bitcoin's fixed limited supply and what he perceives as high demand. Currently, Bitcoin trades at approximately $71,865, having risen 69% this year.
The budget deficit for the fiscal year ended Sept. 30 rose 8% to $1.833 trillion from the fiscal 2023 figure, the third-largest federal deficit in US history. AP
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