As a seasoned crypto investor with a decade-long journey in this wild west of digital assets, I find myself less concerned about the 2024 U.S. presidential election and more focused on the long-term growth trajectory of Bitcoin and other cryptocurrencies.
Cryptocurrency experts, including Steven Lubka of Swan Bitcoin, are confident that Bitcoin’s long-term strength will persist, regardless of the 2024 U.S. presidential election outcome. In a report by Tanya Macheel for CNBC, Lubka forecasted that Bitcoin could reach six figures by 2025, irrespective of whether Donald Trump or Kamala Harris is elected. Lubka emphasized that Bitcoin’s growth is primarily influenced by global economic and monetary factors instead of the U.S. presidency.
James Davies, co-founder of Crypto Valley Exchange, stated that concerns about how a Harris presidency might affect Bitcoin are unwarranted. Although American crypto startups may encounter some hurdles, Davies explained that Bitcoin’s growing institutional presence—as demonstrated by the growth of Bitcoin ETFs—will ensure its prosperity in the long run. Furthermore, he highlighted that Bitcoin is a global asset, and market fluctuations are not typically influenced by partisan events within the U.S.
As an analyst, I’ve noticed that within the crypto community, there was a widespread belief that a Trump re-election could serve as a catalyst for Bitcoin’s price surge. Experts at Bernstein forecast that if Trump wins, we might see Bitcoin soaring to approximately $80,000. Conversely, a victory by Harris could potentially cause a temporary downturn, driving the cryptocurrency down towards $40,000. However, it’s important to note that Lubka suggests these short-term fluctuations may not significantly impact Bitcoin’s medium-term outlook.
Despite Vice President Harris not yet disclosing her views on cryptocurrencies publicly, some investors express concerns about potential stricter regulations, resembling Senator Elizabeth Warren and SEC Chair Gary Gensler’s stance. However, CNBC pointed out that Bitcoin has shown resilience even under regulatory oversight. Lubka emphasized to investors that Bitcoin has managed to prosper in the face of regulatory challenges throughout its existence.
Daniel Cawrey, as the chief strategy officer at Tonkeeper, noted that this recent election has pushed crypto-related conversations to the limelight, potentially leading to more transparent regulatory structures. No matter the election results, Cawrey proposed that the industry would benefit from having clearer regulations in place for future growth and development.
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2024-09-12 08:37