Bitcoin’s price is soaring in 2024. Investors are watching closely as the U.S. presidential election nears, and many wonder how it will affect the crypto market.
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Bitcoin’s Meteoric Rise: Unpacking Crypto Market Trends and Election Impacts
Source: Statista
Experts Predict High Bitcoin Prices
Experts think Bitcoin will do well no matter who wins the election. Steven Lubka from Swan Bitcoin says:
“Do I think we’ll be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly.”
Global Factors Matter More
Bitcoin’s value depends more on world economics than U.S. politics. Lubka explain:
“Bitcoin has always been an investment that is rooted more in the fiscal and monetary profile of countries, sovereigns and the United States. Neither candidate changes that.”
Short-Term Changes vs. Long-Term Growth
The election might cause brief price changes. But many think Bitcoin will keep growing. Tyrone Ross of 401 Financial states:
“The election results will have minimal effects on how bitcoin performs over the next 12 to18 months. There’s still a lot of firms working through ETF access, there’s rate cuts coming and trading by retail at the centralized custodians are at their lows.”
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Moving Past Political Views
James Davies from Crypto Valley Exchange warns about one-sided thinking. He says:
“Some of our communities … have become echo chambers and are convinced the sky will fall if one side or the other wins. The truth is that the market is robust, not centered on the U.S., and hasn’t reacted negatively to major events from either side.”
Election’s Short-Term Effects
The election might cause quick market reactions. Lubka notes:
“If Trump wins in November, will there be an immediate pump? Yes, absolutely. If Harris wins, could there be some immediate sell pressure? That certainly wouldn’t surprise me. But over the medium term, I don’t think that’s the dynamic.”
Learning from Banks
Davies suggests crypto should work with both political sides. He states:
“This is about opportunities and regulation for U.S.-based users, not the price of a global commodity. Crypto needs to learn from traditional finance, it needs to lobby both sides, align with both sides and succeed regardless of the election. If we want to build a big eco-system, we cannot afford to be partisan.”
Bitcoin’s Strength Despite Rules
Bitcoin has done well even with tough rules. Lubka reminds us:
“Bitcoin did great under the current administration. It has been one of the most successful assets in the world during a period where everyone was opposed to it. Governments have traditionally been at least mildly hostile to bitcoin during its whole history, and it’s done extremely well.”
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Bitcoin keeps growing despite political changes. Short-term prices might change, but long-term growth looks robust.
This is due to world economic factors and the fact that more big investors are joining in. The crypto world needs to work with all political sides to keep growing. We’re curious to see where the latest crypto market trends will take us.
