Anthony Scaramucci Affirms $25 Million Bitcoin Bet As SEC Takes On Ripple

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Bitcoin’s meteoric rise in 2020 continues to arouse interest from various quarters. With the crypto at record highs and showing signs of edging higher, investors are increasingly jostling for positions. Anthony Scaramucci is the latest to affirm he is bullish about the flagship cryptocurrency long term prospects.

Growing Bitcoin Investments

The former Trump administration, Communication Director, and SkyBridge Capital manager have confirmed a $25 million investment in Bitcoin. Following the investment, the firm intends to start taking new investors to come on January 4, 2021. The hedge fund has already submitted a Form D with the U.S Securities and Exchange Commission giving the new fund a leeway to deal in digital currencies and blockchain exposure,

The $25 million bet on Bitcoin comes hot on the heels of payment giant Square investing $50 million in Bitcoin. Likewise, investment firm MicroStrategy has also confirmed a $200 million-plus investment in the digital currency. The growing institutional investment interest is the catalyst fuelling Bitcoin’s upward momentum.

Ripple vs. SEC

Even as Bitcoin continues to flourish, the third-largest crypto Ripple is yet again at the crossroad with regulators. The U.S Securities and Exchange Commission has sued the company’s founder and CEO, Brad Garlinghouse, for raising more than $1.3 billion through an unregistered securities offering on selling the XRP crypto.

The SEC treats the XRP crypto as security and not currency. The regulator maintains that the security, just like shares in a company, must be regulated. Likewise, all transactions involving the XRP cryptocurrency must be disclosed or reported to authorities.

In the lawsuit, the SEC alleges that Ripple violated securities laws on selling XRP over seven years starting 2013, without making proper regulatory filings. Ripple CEO has already hit back, reiterating that the SEC is doing the opposite in fostering innovation in the blockchain space.

The executive insists that persisted regulatory pressure could see China emerge as the creative output in the blockchain and cryptocurrency industries.

Japan Digital Currency

Separately, Japan becomes the latest country to join the digital currency drive spearheaded by China. The island nation is reportedly gearing up for a digital currency issuance to both the public and private sectors.

The issuance of digital currency is part of a broader plan of fuelling cashless payments via smartphones and electronic cards. The digital currency is expected to provide retailers commission-free payment systems. End users, on the other hand, will be able to settle payments at stores in addition to being able to send money to others via smartphones.

China’s central bank has been at the forefront in accelerating efforts to create a digital currency of the Yuan. Early in the year, the regulator unveiled 200 digital Yuan to 150 citizens selected by lottery. The drive has since prompted moves towards digital currency.

Japan’s central bank has already confirmed it will launch its digital currency feasibility study in fiscal 2021. However, the central bank could take much longer to officially issue the digital currency, as is also the case with other central banks.

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