Bitcoin's 6-figure surge certain regardless of who wins US elections
Cryptocurrency investors are predicting that Bitcoin will reach six figures in the future, regardless of the upcoming US presidential election outcome. This forecast is based on the belief that Bitcoin's trajectory is more influenced by global fiscal and monetary conditions than political events. The head of private clients and family offices at Swan Bitcoin, Steven Lubka, expressed his confidence in this prediction during a discussion with CNBC.
Resilience amid political uncertainty
Lubka stated, "Do I believe we will reach six figures by 2025? Almost certainly. Do I think we will achieve six figures no matter who emerges victorious? Almost certainly." This statement underscores his belief that Bitcoin's growth is not significantly affected by US election results. James Davies, co-founder of the Crypto Valley exchange, echoed this sentiment while dismissing fears about Bitcoin's future due to political changes.
Institutional adoption bolsters future prospects
The recent institutional adoption of Bitcoin, highlighted by the introduction of US Bitcoin exchange-traded funds (ETFs), has further strengthened this optimistic outlook. Tyr Ross, president of 401 Financial, stated that "the election results will have minimal influence on Bitcoin's performance over the next 12 to 18 months." He noted that several firms are still navigating ETF access and retail trading at centralized custodians is currently low.
Value influenced by broader macroeconomic trends
Throughout most of 2024, Bitcoin's value has fluctuated between $55,000 and $70,000. Investors widely expect this price stagnation to continue until the US electorate chooses their next president. However, recent election headlines seems to have less impact on Bitcoin's valuation than broader macroeconomic trends. This observation suggests that global economic factors may play a more significant role in shaping Bitcoin's future value than political events.
Election outcomes and their potential impact on Bitcoin
There was speculation that the upcoming election could act as a significant trigger for Bitcoin, with many suggesting that Trump's second term would benefit the cryptocurrency sector. Analysts at Bernstein indicated that investing in Bitcoin might be the best strategy in light of a potential Trump victory, predicting the cryptocurrency could soar to a new all-time high of around $80,000. Conversely, they suggested a Harris win could see Bitcoin drop toward $40,000.
