With only four days left for the US presidential election, crypto enthusiasts are hoping that a victory by their favorite candidate will send the price of Bitcoin (BTC) higher.
Who will be more beneficial for Bitcoin?
From a crypto-enthusiast perspective, the 2024 US presidential election is unlike any other as both candidates recognize the growing importance of digital assets.
While Republican candidate Donald Trump’s victory is considered beneficial for the crypto industry, Democratic candidate Kamala Harris has promised a new approach to digital assets. Odd With the perceived hostility of the Biden administration.
Both candidates are ‘trying to set up a court’crypto voting block‘- A significant portion of voters are more likely to support a candidate with a pro-crypto stance.
Bitwise CIO Matt Hogan recently mentioned Interview With Yahoo! Finance says the most important outcome for BTC is simply that “the elections happen.”
Hougan stressed that regardless of a Trump or Harris victory, the regulatory environment for crypto continues to see improvement. He attributed the recent positive movement in digital asset prices to the mature regulatory framework.
The Bitwise CIO said that although, in the short term, the crypto market favors a Trump victory over a Harris victory, Bitcoin “doesn’t really want Washington to succeed.”
The crypto executive said that regardless of the election outcome, institutional investment in the digital asset sector is on the rise, evidenced by the strong Bitcoin spot exchange-traded fund (ETF) inflows in recent days.
When asked about the role of regulatory clarity in crypto, Haugen explained that it impacts altcoins more than BTC. He expects an altcoin rally to be more likely than a BTC rally if Trump wins. Haugan said:
This is the best time to invest in Bitcoin from a risk-adjusted perspective. All major existential risks to Bitcoin have been removed. We have ETFs, we have institutions. They are coming into space. The biggest catalyst is that move towards institutional adoption.
The path to new ATH will not be easy
Although BTC is trading very close to its all-time high (ATH) price of $73,737, it is yet to touch the March 2024 price level.
Rising geopolitical tensions around the world increase the volatility of already volatile assets, which could to discourage Investors avoid taking more risk by buying more BTC.
However, current macroeconomic uncertainties are not stopping crypto analysts from sharing their ambitious price targets for the top cryptocurrency.
Recently, analysts at the trading firm Bernstein predicted $200,000 BTC by the end of 2025 may be a conservative target.
That said, the weekly chart shows that BTC has been attempting to surpass its ATH several times, but has fallen 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
