As a seasoned crypto investor with a decade of experience under my belt, I must say that I find the ongoing debate between Bernstein and VanEck’s Matthew Sigel quite intriguing. My personal investment philosophy has always been to keep politics at arm’s length when it comes to crypto investments, as the digital asset market tends to be more driven by technological advancements, market sentiment, and investor confidence rather than political climates.
Matthew Sigel, Head of Digital Assets Research at VanEck, has refuted suggestions by Bernstein that the outcome of the 2024 US Presidential Election will significantly affect Bitcoin. This contrasting view, which questions the impact of the election on a potential Bitcoin rally, has piqued investor curiosity. Notably, Sigel suggested that Bitcoin could “outshine” if Kamala Harris wins against Donald Trump, stirring conversations in the market.
VanEck Exec Dismisses US Election Impact On Bitcoin Rally
According to Bernstein’s most recent study, the outcome of the 2024 U.S. Presidential Election may influence the value of Bitcoin substantially. The report predicts that the price fluctuations could vary significantly based on whether Donald Trump or Kamala Harris wins the election.
The report suggests that if Kamala Harris wins, there might be a decrease in the value of Bitcoin down to around $30,000, undoing its growth since the Bitcoin ETF momentum in 2023. Conversely, it forecasts that a victory for Donald Trump could ignite a Bitcoin surge towards new peaks, possibly reaching $90,000 by the end of 2024.
As a researcher, I must clarify some opposing views I’ve encountered regarding the performance of cryptocurrencies. Matthew Sigel from VanEck has presented an alternate perspective, suggesting that the success or failure of flagship cryptos is not primarily determined by political factors, but rather by market sentiment and investor confidence. In a recent post on X platform, he made this point explicitly.
“Personally, I think BTC rallies whoever wins, on the removal of uncertainty.”
According to Sigel, if the Democrats emerge victorious in the U.S. presidential election, it might boost Bitcoin’s performance. Conversely, an altcoin’s momentum could be preserved should the Republicans win. In essence, he predicts that a Trump victory could contribute to a wider crypto market surge.
Donald Trump Vs Kamala Harris: What It Means For BTC?
Discussions have been ignited by Sigel’s remarks, with certain investors suggesting that if Harris wins, it might result in increased government expenditure and monetary inflation. Historically, such actions tend to make Bitcoin more attractive due to its role as a protection against inflation.
One social media user noted if Bernstein’s report should be the opposite. According to him, Kamala equals more government spending, leading to money printing. Sigel responded by reiterating his stance that Bitcoin is set to rally no matter the election outcome, fueled by the removal of market uncertainties.
Conversely, the increasing impact of the ex-US President is significant in this debate. Lately, Donald Trump has taken on a supportive stance towards cryptocurrencies, declaring his intention to establish the United States as a frontrunner in the digital assets industry should he regain office.
As a researcher delving into the realm of cryptocurrencies, I’ve noticed that my standpoint has garnered substantial backing from the crypto community. This is in stark contrast to the perceived anti-crypto sentiments often associated with figures like Harris and the Democratic party. Notably, Chris Larsen, co-founder of Ripple, has voiced his support for Harris. This endorsement has sparked intriguing debates within the crypto community, questioning whether her leadership could potentially foster a positive impact on the digital asset landscape.
Currently, the BTC price stands at approximately $55,356, marking an increase of 2.6%. Moreover, the trading volume has significantly risen by 68% to reach $27.32 billion. However, a recent Bitcoin price analysis predicts a potential drop to around $27,000. Meanwhile, other market trends might spur a surge in the leading altcoins.
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2024-09-09 19:22