Today Bitcoin Rises after new US jobs Data shows the labor force grew nearly 30% less than previously thought plus We're on the ground in Wyoming for a new Crypto conference and Anthony scaramucci Lays out the political state of play for Crypto welcome to cnbc's crypto world I'm TAA mckel on the ground in Jackson Hille Wyoming for day two of the salt Blockchain Symposium crypto prices are Mixed after the labor department revised Down the job growth in US economy the Updated numbers show 88,000 fer jobs Were created between March of 2023 and March of 2024 it's assigned that the US Labor Force might not be as strong as Previously thought and could in turn Further push the Federal Reserve to cut Interest rates by noon Eastern though Bitcoin was higher climbing more than 1% To the $59,000 level once more ether Also in the green rising to the $2600 Mark salana though moving lower by one And a qu% to $140 All right let's jump right to more from Conversations here on the ground in Jackson Hall I spoke with Anthony Scaramucci chairman of salt and managing Partner at skybridge Capital about his Goal for this conference and where he Thinks the political conversation around Crypto could be headed thank you so much For joining me here let's start with the Event itself we're very familiar with
Salt Obviously why are you putting on this Conference why now why Here well I would say why now is it's uh The precursor to the FED Central Banking Meetings why here figured if the Fed was Having an annual Central Banking Conference it might be a fun idea to put On a decentral banking conference uh Somewhere in the same area and obviously This is a beautiful Resort and since We're in crypto we're a little bit more Bougie than the fed and so this is like Lux here at the Four Seasons I Understand that the resort that they're At it's a little more Rustic um um it's an interesting time in Crypto it's August so uh you know Trading is usually a little bit sleepy It's been volatile this month but Generally it sounds like everyone can Agree that there's more upside here than Downside uh what are you expecting to Get out of this event what are some of The key themes that you're expecting to Hear about or that you've heard about so Far well let's talk about the Fundamentals for a second because I Think you're right the uh We've traded Sort of sideways to down recent ly some Of that I think is just related to Supply overhang you had the mount Cox Bankruptcy the eventual distributions That took 10 years you had some
Sovereign selling which I think included The United States but also the Government of Germany sold a big uh Stash of their Bitcoin I think that also Put pressure on the markets but I think The reason why you are suggesting that The market sentiment is still bullish You got a lot of incoming net inflows to The the Bitcoin ETF net inflows to the Ethereum ETF uh and so there's a general Bullishness also U it usually takes a Few months after a Bitcoin having and so We've experienced the having in April And a result of which uh you know things Churn a little bit and miners sell Because they need to make their Revenues uh but at as that selling Abates and Supply constraints again I Think we're going to have a very good Second half of the year and I think what I'm getting out of this event what I Love I love doing these events is that There's a lot of Industry leaders here There are bitcoiners there's uh people Here from salana people here from Cracken people from Avalanche uh alaran There's just a whole host of different Things going on here and it gives the Community and opportunity to get Together and create more collaboration So I'm a I'm a big believer that the Industry is so nent that we need to Stick together we need to form bonds With each other figure out ways to help
Each other other and so I like to think Of the industry less as a each of us Competing with each other and more about Okay how do we collaborate where a Rising tide lifts all of our Boats normally this is kind of the part Where crypto feels separate from Everything else but it is uh you know a Big theme in the markets right now the Election and how that's Weighing on Asset prices how are you feeling about Where the industry stands so I've been Working very hard to try to have people Think about Bitcoin and regulation in General around the blockchain and Cryptocurrency as bipartisan and I think If we're being brutally honest with People uh the Republicans led the idea That they were going to be Pro britcoin And so Donald Trump does deserve credit For that maybe it was Vivic ramaswami or Others that got to him he was very Negative on crypto and he's now pivoted Towards crypto and of course spoke at The Bitcoin conference and so there's a Group of us that are with camel Harris Who've endorsed her that want to see Some type of pivot or change for the Democrats and I would just remind people From a regulatory perspective how early It is and I'll take people back 10 or 12 Years ago where lots of regulators and Government officials did not want Uber In the marketplace if you asked them
They didn't want Uber the taxi uh Licenses were good enough uh but the People wanted Uber and I think that's True about crypto in general the people Want crypto as evidenced by the number Of wallets that are out there and so uh It could be a pivotal point in the Election I don't think the Democrats Believe that yet frankly I think they Think it's too small of a voting group But I would just remind people if 50 Million people have wallets and let's Say 3% of those people are single issue Voters it's a million and a half people Uh and you know there are a lot of those People are in swing States it could be a Single-issue voter so I think it's a Very risky strategy to be anti- crypto And so I'm hoping that KLA Harris and The team associated with her will make a Pivot and be more open to the idea of Fair and appropriate crypto regulation And I do applaud the Trump people for Doing that do you feel that bipartisan Support that we have started to see Evidence of in recent weeks this summer Um you know a lot of people in the space Will say that crypto does have a lot of Democratic support and it doesn't seem Like that because Prim arily of gendler And Warren do you agree with that or do You think that we could use a little bit More on the Democrat we could always we We could use a little less Elizabeth
Warren a little less Gary Gensler and More Senator Gill brand and Senator Schumer I think I think I I've met with Them uh individually and they're on Board Rana is on board there's a lot of Very Smart Democrats that are on board and if You look at the dispersion Demographically it feels like older Democrats not on board younger Democrats On board and so I think that speaks to It as well I think we have to move to The next generation of leadership and we Have to make sure that the United States Doesn't lose its mantle of financial Services leadership so so yeah we need More we need less of those guys more of The other thing um and and listen I want To be fair to everybody for a second Though because if you think about Senator Warren's position or Commissioner gansler's position They do want to ward off fraud they do Want to ward off uh bad activity and I'm Going to say something that may probably Make Gary fall over because he knows I'm A detractor of his but I think the Decision to delay the ETF helped the Industry and so let's just look back With the benefit of hindsight the delay Of the ETF allowed for the trapdoor of Leverage excesses and the exposure of Fraud you know they approved the futur ETF in November of
2021 imagine if they just followed the Rules and approved the Bitcoin cash ETF Or spot ETF a couple months thereafter They may have not been able to uncover All the fraud the over leverage in the System so so you know people criticize Uh Gary Gensler but I actually think in Lots of ways they've helped the industry More than people are willing to admit I Am finding stable coins actually to be a Big theme of this conference which Uh well so far it's it's sort of day one Um stable coins you know we heard from Wyoming today about their stable token Project they are I will recap this Creating or developing a stable coin Backed by the US dollar that would Provide an alternative uh payment rail For its citizens and businesses what do You make of this area of crypto as sort Of the gateway to to mainstream adoption What I applaud the state of Wyoming for Is the strong libertarian bent to their Legislator and to the the governor Governor Gordon I think I think they've Done a a very good job of understanding Uh that this can be a laboratory for the Rest of the country and so if they get That legislation passed here and they're Using that rail system inside the state Hopefully we can export that to the Other 49 states uh there are many Reasons to be here uh the FED is here so We want to be a decentralized version of
That centralized conference but Secondarily and equally important is the State state is very Pro crypto it's very Pro- regulatory friendly and in many Ways I think they're from an Intellectual perspective they're going To leave the United States to the right Place do you think it's realistic uh to See in the next 5 years five six years Consumer payments built on crypto take Off at least in the United States and Developed Countries I think I think it's very Realistic and I think it'll be Meaningful cost savings to the consumer So just imagine walking into the Restaurant and avoiding the 3 and a Half% credit card charge or you're Asking the waiter or waitress what their Wallet number is and you'll then Transfer to them a stable coin Potentially on your phone goes to their Wallet and it eliminates those fees you Know I had a a group of economic Advisers to the government of El Salvador visit me during one of the UN General Assembly meetings and they they Talked about all the expats you know Here in the United States that send Money back to their family members but They have to go through things like Western Union because they're unbanked And Western Union charges large fees you Could send $1,000 back to Mom and Dad
Maybe they get $925 imagine a rail system where it's Payment to payment wallet to wallet and The El salvadorians believe they can Save upwards to $400 million if they Were able to saturate the market with That idea so that's a country of seven Million people imagine if the the world Could do that think of the trillions of Dollars of savings that could go into Economic Innovation uh Economic Opportunity for a Vast majority of the world's citizens so These are all good things and I think as Regulators understand the goodness of This they'll come towards it Okay that's all for crypto world today We'll be back again tomorrow with more From here in Wyoming we'll see you then [Music]
