Fox Business Network anchor Stuart Varney predicted that former New York City Michael Bloomberg's potential entry into the 2020 presidential race is bad news for all the Democratic candidates in the running.

"He's a grenade chucked right into the Democrat race," said Varney on Fox Nation's "My Take" on Friday.

"He was mayor of New York, considered a centrist, 77 years old, and wait for it -- he's worth $52 billion," Varney continued. "In politics, a man with all that money is a game-changer."

First, Varney argued that Bloomberg's background sets him on a collision course with Senators Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt.

"Think this through, please. Front-running Democrats Warren and Sanders have no time at all for billionaires. They based their campaigns on confiscating their wealth. They rail against the rich. But now they have one of the richest people in the world running against them from inside their own party. Can you say division, split, ideological schism?"

Second, Varney said that he believes Bloomberg's entry into the 2020 field would be devastating for former Vice President Joe Biden.

"Bloomberg is considered a moderate. So is Joe Biden. Well, a $50 billion moderate goes up against a fading, stumbling moderate. Who do you think is going to win? Bloomberg is a huge problem for Biden."

As far as policy goes, Varney suggested that Bloomberg may have a positive effort on the Democratic party.

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"He's a capitalist. He wants a well-run, efficient capitalist economy. Surely he's got no time for the socialists who've taken over the party. That means forget a wealth tax. Forget Medicare-for-all. Forget the Green New Deal. Forget massive crippling tax increases. At this point, Bloomberg's the guy who pulls the Democrats away from the edge of the socialist cliff.

"If anything, Bloomberg will put some sanity back into the Democrat Party," Varney concluded. "A party which bases its appeal on hating the rich now has to contend with a powerful Democrat candidate who is extremely rich. It's going to be fun."

To see Stuart Varney's full remarks on "My Take", and for more episodes of his daily commentary, visit Fox Nation and join today.

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