With only four days left until the US presidential election, crypto enthusiasts are hoping that the victory of their favorite will lead to a higher Bitcoin (BTC) price.
Who Will Benefit More From Bitcoin?
From a crypto-enthusiast’s point of view, the 2024 US presidential election is unlike any other as both candidates see the growing importance of digital assets.
While the victory of the Republican candidate Donald Trump seems to be beneficial for the crypto industry, the Democratic candidate Kamala Harris promised a new way for digital assets, the difference with the perceived hostility of the Biden administration.
Both candidates are trying to testify in court’crypto voting blog‘ – a large portion of the electorate is likely to support a candidate with a pro-crypto stance.
Bitwise CIO Matt Hougan mentioned recently interview via Yahoo! Financially the most important result of BTC is that “elections happen.”
Hougan emphasized that whether Trump or Harris wins, the crypto regulatory environment is seeing continued development. He said the recent positive movement in digital asset prices is due to the growing regulatory framework.
The Bitwise CIO pointed out that although, in the short term, the crypto market favors a Trump victory over a Harris victory, Bitcoin “doesn’t really need Washington to win.”
The crypto executive added that regardless of the election results, institutional investment in the digital asset space is increasing, which is reflected in the strong influx of Bitcoin exchange-traded funds (ETF) in recent days.
When asked about the role of regulatory clarity in crypto, Hougan pointed out that it affects altcoins more than BTC. He expects a bigger chance of an altcoin rally than a BTC rally if Trump wins. Hougan added:
This is the single best time to invest in Bitcoin from a risk-adjusted perspective. All the major risks that exist for Bitcoin have been washed away. We have ETFs, we have institutions. They entered the space. The biggest catalyst is that institutional acquisition initiative.
The Road to the New ATH Won’t Be Easy
Although BTC is trading very close to its all-time high (ATH) of $73,737, it has yet to touch the March 2024 price level.
Increasing global geopolitical conflicts are adding to already volatile commodity prices, which are likely get discouraged investors are more risk-averse in buying more BTC.
However, the prevailing uncertainty in the macroeconomic environment does not prevent crypto analysts from sharing their ambitions for a higher cryptocurrency price.
Recently, the analysts of the trading company Bernstein predicted that $200,000 of BTC by the end of 2025 may be the goal to save.
That said, the weekly charts show BTC trying to make several runs past its ATH, only to drop each time. At the time of writing, BTC is trading at $70,840, about 4% below its ATH.
Featured image from Unsplash.com, Chart from TradingView.com
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