SkyBridge Capital CEO Anthony Scaramucci is pretty optimistic about the future of Bitcoin, as his former boss, President Donald Trump, directs his administration’s friendly approach to cryptocurrency.

“We could be sitting here a couple months from now [and] there’s regulatory clarity on stable coins — that will help Bitcoin,” Scaramucci, whose SkyBridge has invested heavily in crypto, recently told Quartz. “As you get more clarity, I think you’re gonna firm up the market.”

The Trump administration has taken a friendlier approach to crypto than Former President Joe Biden did, even hosting a summit featuring major industry CEOs on Friday. The Securities and Exchange Commission (SEC) launched a crypto task force shortly after Trump took office with the goal of developing a regulatory framework that encourages positive behavior.

So far, the SEC has dropped about a dozen lawsuits brought against crypto companies. Irritation over those lawsuits led the industry to overwhelmingly support Trump during the 2024 election.

The agency also outlined a policy that declared meme coins — cryptocurrencies that are based on viral memes, trends, and pop culture references — are not securities. Several meme coins, such as $Trump and $Libra, which were respectively backed by Trump and Argentinian President Javier Millei, have hurt investors through so-called “pump and dump” scams.

“I think it’s hurt the marketplace, those meme coins,” Scaramucci said, referring to the cryptocurrencies launched by celebrities like Trump. Major figures in the crypto industry spoke out against $Trump and similar meme coins, saying it gave legitimate participants a bad name.

Scaramucci’s comments came days ahead of the White House’s official executive order establishing a strategic Bitcoin reserve and a separate stockpile of other digital assets. The U.S. owns more than 198,000 Bitcoin, worth about $17.2 billion, according to Arkham. It also owns hundreds of millions of dollars worth of other cryptocurrencies, including Ethereum and Tether.

“Just the fact that the United States will likely not sell its 200,000 Bitcoin that it has on its balance sheet is good news for the supply demand ratio of Bitcoin,” Scaramucci said. After the executive order was signed, he wrote on X that it was “incredibly well done.”

The strategic reserve will hold a fixed supply of 21 million coins, according to Trump’s executive order, which compared Bitcoin to “digital gold.” The Commerce and Treasury departments are also authorized to develop “budget neutral” strategies to acquire additional Bitcoin.

“[T]here’s a little bit of a game theory that goes on as well,” Scaramucci said, noting that White House crypto czar and venture capitalist David Sacks wants the reserve to be bipartisan.

“There’s no bipartisan battle over oil. There’s no bipartisan value battle over gold or lithium or other rare earth minerals that are in our strategic reserves,” he said. “Somebody’s not waking up tomorrow and saying, ‘Trump loves oil. I hate oil. Let’s sell our strategic reserve.’”

But the markets reacted negatively to Trump’s directives. As of writing, Bitcoin is trading at less than $78,000, down from its all-time high of $109,000, and almost 20% from a month ago.

The ever-volatile crypto market was shaken after North Korean hackers stole $1.5 billion worth of Ethereum by exploiting a vulnerability in SafeWallet’s platform. SafeWallet on Thursday said it had strengthened its infrastructure to eradicate the identified threats. That, combined with “meme coin mania,” skepticism of the Trump administration’s plans, and fears of a tariff-fueled recession has kept Bitcoin low.

But Scaramucci, who said he sees Bitcoin reaching $200,000 by the end of the year, thinks crypto will eventually bounce back. 

“I’m old enough now, 36 years in the business where I’ve seen the movie before,” Scaramucci said. “It’s gonna be part of our financial technology and our financial future.”