SkyBridge Founder Scaramucci Predicts Solution to U.S. Debt Crisis

Anthony Scaramucci, the founder of SkyBridge Capital, expressed his confidence today that the U.S. will effectively tackle its debt crisis. Scaramucci suggested that despite potential negative impacts on savers and low to middle-income households, the country would allow a slight increase in inflation to manage the situation. This stance comes amidst concerns about technical default and ongoing disputes over the debt ceiling. Notably, the U.S. government reported an 8% rise in its budget deficit for the fiscal year ending September 30, with the shortfall reaching $1.833 trillion, marking the third-largest federal deficit in the nation's history.

Scaramucci's views stand in contrast to the growing concerns among market participants about the sustainability of U.S. debt and the possibility of another sovereign credit rating downgrade. Economic discussions have intensified further ahead of the U.S. elections on November 5. Market forces predict that the economic plans of Republican presidential candidate Donald Trump will double the debt compared to those of Democratic Vice President Kamala Harris. Despite Wall Street leaning towards Trump, Scaramucci stated, "I prefer Harris's plan."

In addition to his views on the U.S. debt crisis, Scaramucci shared his thoughts on the future of bitcoin, predicting that the cryptocurrency's value will triple by mid-2026 to reach $170,000. He based his prediction on bitcoin's limited supply and high demand, believing such a tripling could occur within 18 to 24 months. His comments come as bitcoin approaches record highs, partially fueled by Trump's promise to make the U.S. the "crypto capital of the planet.” The world's largest cryptocurrency was recently trading at $71,865, reflecting a 69% increase so far this year.