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Bitcoin Bulls Believe the Price Will Rise Regardless of Election Outcome
Whether it’s former President Donald Trump or Vice President Kamala Harris, Bitcoin enthusiasts maintain that the price of Bitcoin (BTC-USD) will increase no matter who wins in November. The topic has been a significant discussion point following the Federal Reserve’s recent rate cut that bolstered various assets, including Bitcoin.
The Impact of the US Presidential Election on Bitcoin
Bitcoin investors are closely watching the upcoming US presidential election, confident that the outcome will favor Bitcoin prices. I recently engaged in a discussion with two prominent figures in the Bitcoin community, Tom Lee of Fundstrat and Michael Novogratz of Galaxy Digital, at the Future Proof festival in California. Both believe the election presents a win-win scenario for Bitcoin.
Former President Donald Trump has publicly supported cryptocurrencies. He has vowed to replace Securities and Exchange Commission Chair Gary Gensler, who is viewed unfavorably by the crypto industry. Trump has also indicated that the US Treasury would keep any cryptocurrencies seized from criminals, although he stopped short of committing to government purchases of Bitcoin. He also made headlines speaking at the significant Bitcoin 2024 conference in Nashville, Tennessee.
Prospects for Bitcoin Under Different Presidential Scenarios
Vice President Kamala Harris has not clearly stated her stance on cryptocurrencies, leading a significant segment of Bitcoin supporters to lean towards Trump. Tom Lee observed that some of Bitcoin’s recent gains are attributed to increasing odds of a Trump victory. However, he opines, “Bitcoin will still flourish under Harris’s presidency due to the dovish monetary policy that typically benefits risk assets.”
Michael Novogratz, a Democrat, criticized President Biden’s approach to crypto regulations, labeling it “painful.” He speculated that Harris might adopt a more pragmatic approach to cryptocurrency. As Novogratz said, “Opposing crypto is like opposing dogs. It’s simply not smart politics.” He believes that while Democrats are warming up to crypto, Trump has been quicker to embrace it.
Geoff Kendrick, head of crypto research at Standard Chartered, shares this bullish sentiment. He believes Bitcoin will achieve new all-time highs by year’s end, irrespective of the election results. “A Trump victory could boost Bitcoin more, but even with a Harris win, I foresee Bitcoin reaching $75,000,” he told Yahoo Finance, predicting a potential rise to $125,000 if Trump clinches the presidency.
In summary, Bitcoin bulls are unshaken by the upcoming election. As Tom Lee succinctly put it, “Since its inception in 2009, Bitcoin has consistently risen.”
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