Bitcoin To Hit $100K? Investors Believe US Election Won’t Affect Its Rise

1 month ago 28

No matter who wins the US presidential contest this November, the trajectory of Bitcoin seems to be set to remain strong despite growing partisan fervor.

Market observers and crypto enthusiasts mostly believe that the long-term future of Bitcoin is safe. Former President Donald Trump’s pro-crypto posture inspired recent hope that is starting to wane, although this has not affected the general state of the sector.

US Election: Effect On Bitcoin’s Value

Although some forecast instantaneous changes in price depending on election outcomes, the longer-term impact on Bitcoin could be negligible. Head of private clients at Swan Bitcoin Steven Lubka thinks, independent of any outcome, Bitcoin might hit six figures by 2025.

James Davies of Crypto Valley Exchange also remarked, suggesting that fears about a future Kamala Harris presidency affecting Bitcoin’s price are overblown. He notes that while crypto businesses may struggle, the broader industry will keep growing.

With Bitcoin’s growing institutionalization—especially with US Bitcoin ETFs recently added—it is clear that its fundamental ideas are good.

Short-Term Variability And Market Vibe

The election can cause some temporary fluctuation in the price of Bitcoin. While a Harris victory would trigger a brief downturn, analysts predict that if Trump wins there might be a big price increase.

Tyrone Ross of 401 Financial, on the other hand, thinks that the outcome of the election will have only a negligible effect on the performance of Bitcoin within the next year or so. The macroeconomic considerations and present market trends are perhaps more important in determining the price swings of Bitcoin.

Having peaked at $73,000 early in the year, Bitcoin has traded between $54,000 and $65,000 for most of 2024. Recent price fluctuations are attributed more to global economic conditions and interest rate changes rather than US election news.

Looking Beyond Political Uncertainty

Despite all the political noise, bitcoin has proven incredibly resilient. Daniel Cawrey from Tonkeeper says the election has done a great deal to raise awareness for the bitcoin space in earnest.

In contrast to the Biden administration, which has largely tried to sweep crypto under the rug, Kamala Harris has tended to interact with industry participants – albeit in a way that at least could bring more clarity to guidelines and regulations.

As Cawrey notes, more regulatory clarity resulting from this higher engagement would help the sector. Lubka agrees; Bitcoin has flourished even in adverse surroundings. Despite political and legal obstacles, Bitcoin has shown resilience throughout its history surpassing numerous assets.

In essence, Bitcoin’s long-term future is bright even if the US presidential election can cause some transient market reactions. The rising institutional acceptance of cryptocurrencies and more general economic considerations drive them forward and help them to be positioned for success independent of political drama.

Featured image from Pexels, chart from TradingView

Read Entire Article