Bitcoin To Hit $100K? Investors Believe US Election Won’t Affect Its Rise
13 Septembre 2024 - 4:00AM
NEWSBTC
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. Related Reading: AAVE Excites Investors
With 20% Gain As Developments Roll Out 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. Related
Reading: Analysts Predict XRP ‘Mega Pump’ And ‘Perpetual Cycle’ –
Details 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
TRON (COIN:TRXUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
TRON (COIN:TRXUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024