Bitcoin (BTC-USD) peaked above a record high on Tuesday, touching above $69,000 before sliding lower. SkyBridge Founder and Managing Partner Anthony Scaramucci told Yahoo Finance on Monday that President Biden's re-election would be beneficial for both markets and bitcoin. IDX Advisors Chief Investment Officer Ben McMillan sits down with Yahoo Finance to talk about the stance Biden and Trump administrations may have on cryptocurrencies, as well as discussing the exposure spot bitcoin ETF offerings are giving to investors, particularly in their 401(k) plans. "It was difficult to hold it in something like an IRA or a 401(k) plan. Now this is part of the mainstreaming of crypto. Now, this time is different — we can't just throw caution to the winds as it relates to the macro regime," McMillan says. "I think a big part of the rally continuing is going to be a function like any other risk asset, like tech stocks, for example. It's going to be a function to what degree the Fed [Federal Reserve] can engineer a 'soft landing.'" For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
