The former White House Communications director predicted that China would return to BTC mining after years of a blanket ban. In addition, the American stated that China will also likely create a BTC strategic reserve next year, following in the footsteps of the US.

Scaramucci attributed this potential shift to the pro-crypto stance of the US, driven by the victory of Republican presidential candidate Donald Trump in the November election. He believes the US’ new regulatory framework for digital assets will pressure other nations to establish similar frameworks.

He added that China may have its own Bitcoin strategic reserve by next year. Further, the Asian giant might reconsider the ban on Bitcoin mining and use it as a tool to mine and accumulate more BTC. Scaramucci said:

China, there is no way, and I’ll bet money on this, that if the US is moving toward a strategic Bitcoin reserve, that the Chinese are not going to participate.

It is worth highlighting that last month, Scaramucci stated that BTC will trade as high as $176,000 in the next two years. He pointed toward a strong demand for BTC and its limited supply of 21 million as major driving factors that could increase the asset’s price in the coming years.