Bitcoin’s value will soar in 2024. As the U.S. Presidential election approaches, investors are closely watching the market.
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Bitcoin’s meteoric rise: Crypto Market Trends, Election Impacts
Experts predict high Bitcoin prices
Bitcoin is expected to do well regardless of the outcome of the presidential 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.”
The Global Factor is More Important
Bitcoin’s price is more dependent on global economics and politics 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.”
The Long-Term Growth of the Economy Long-Term Changes
There could be a brief change in price due to the election. Bitcoin’s price is still expected to rise. Tyrone Ross, 401 Financial says:
“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 Beyond Political Views
James Davies from Crypto Valley Exchange He warns against one-sided thinking. He warns against one-sided thinking
“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.”
The short-term effects of an election
Elections can cause market volatility. Lubka says:
“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.”
Banks: Learning From Them
Davies believes that both the political and crypto-sides should collaborate. Davies states that:
“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 Strength: Despite rules
Bitcoin is still thriving despite the tough regulations. Lubka explains:
“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. Prices may fluctuate in the short term, but growth on a long-term basis looks solid.
The world economy and the increasing number of large investors have contributed to this growth. For the crypto industry to continue to grow, it needs to be in constant communication with both political parties. The latest trends in the crypto markets are intriguing.
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Source: watcher.guru
