As a seasoned analyst with over two decades of experience navigating through the dynamic world of finance and technology, I find myself intrigued by the ongoing debate surrounding the impact of the 2024 US presidential elections on Bitcoin (BTC).
As the U.S. presidential election draws near, only four days away, Bitcoin (BTC) supporters are optimistic that the triumph of their chosen candidate may boost the value of Bitcoin.
Who Will Be More Beneficial For Bitcoin?
From a crypto-enthusiast perspective, the 2024 US presidential elections are unlike any other as both candidates recognize the rising importance of digital assets.
Support for Republican nominee Donald Trump in the election could potentially be advantageous for the cryptocurrency sector, given his perceived positive stance. In contrast, Democratic nominee Kamala Harris has promised a unique strategy regarding digital assets, which seems to differ from what is perceived as a hostile approach by the Biden administration.
Both the candidates are trying to court the ‘crypto voting bloc’ – a significant proportion of voters are more likely to support a candidate with a pro-crypto stance.
In a recent chat with Yahoo! Finance, Bitwise CIO Matt Hougan emphasized that the key event for Bitcoin (BTC) is essentially ensuring that “elections proceed smoothly.
Hougan stressed that regardless of a Trump or Harris win, the regulatory environment for crypto is witnessing steady improvement. He attributed the recent positive movement in digital asset prices to a maturing regulatory framework.
According to the Chief Information Officer at Bitwise, while it seems that the crypto market might be more favorable towards a Trump presidency in the near future compared to a Harris one, Bitcoin can actually thrive independently of Washington’s involvement.
As a crypto investor, I can confidently say that even with the uncertainty surrounding the election outcomes, there’s a clear uptrend in institutional investment within the digital assets sector. This assertion is backed by the substantial increase in Bitcoin spot exchange-traded funds (ETF) inflows we’ve observed lately.
When asked about regulatory clarity’s role in crypto, Hougan pointed out that it impacts altcoins more than BTC. He anticipates a greater chance of an altcoin rally than a BTC rally if Trump wins. Hougan added:
Right now presents a great opportunity for investing in Bitcoin, considering its risk-reward potential. Most significant threats to Bitcoin have diminished, with factors like an ETF and institutional involvement on the rise. Institutional investors are increasingly entering the market, which could be a major driving force for further growth. The most significant factor fueling this trend is the increasing adoption by institutions.
Path To New ATH Won’t Be Easy
Although BTC is trading very close to its all-time high (ATH) price of $73,737, it has yet to touch the March 2024 price level.
Increased global political conflicts contribute to the instability of Bitcoin, a market that’s already unpredictable. This uncertainty might make cautious investors hesitant to invest further in Bitcoin.
Despite the current economic uncertainties, crypto analysts remain undeterred in expressing their high-reaching predictions for the leading digital currency.
Experts from the investment firm Bernstein have suggested that a Bitcoin price of $200,000 by the year 2025 could potentially be on the lower side.
In other words, the weekly graphs indicate Bitcoin repeatedly trying to surpass its all-time high (ATH), but then falling back each time. As we speak, Bitcoin is being traded at around $70,840, which is about 4% lower than its current ATH.
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2024-11-01 16:42