Investors in the crypto space remain optimistic that Bitcoin will hit $100,000, regardless of the outcome of the U.S. presidential elections involving Donald Trump and Kamala Harris. The upcoming polls have put the spotlight on crypto, leading to various forecasts being made with the election results as a key influencer. Nevertheless, historical trends indicate that Bitcoin’s trajectory is largely unaffected by election outcomes.
A recent CNBC report emphasized the confidence among crypto investors that Bitcoin will achieve the $100,000 milestone irrespective of a Trump or Harris victory in the U.S. elections. According to Steven Lubka, who heads private clients and family offices at Swan Bitcoin, it is highly probable that Bitcoin will reach six figures by 2025, irrespective of the election outcome. He emphasized that Bitcoin’s value is deeply intertwined with the fiscal and monetary policies of various countries, including the U.S., and neither Trump nor Harris can alter this fundamental aspect.
The contrasting approaches of the two candidates towards Bitcoin and cryptocurrencies have been noted. While Trump has openly expressed support for crypto and made promises related to the crypto industry, Harris has maintained a cautious stance without revealing her position. Concerns have been raised regarding Harris potentially impacting Bitcoin’s price if elected, especially given the Biden administration’s regulatory actions in the crypto space.
James Davies, co-founder of the Crypto Valley Exchange, dismissed fears surrounding a Harris presidency negatively affecting Bitcoin’s value, affirming that the industry will continue to prosper under any administration. The institutionalization of Bitcoin and the introduction of spot BTC ETFs have further solidified its position in the financial landscape.
Despite apprehensions raised by some commentators about the potential impact of a Harris presidency, others like Tyrone Ross, founder of 401 Financial, remain confident that Bitcoin’s performance will be minimally impacted by the election outcome. Looking at historical trends, Bitcoin has shown resilience and upward movement following previous elections, indicating that it is poised for further growth in the coming years.
In conclusion, the prevailing sentiment is that Bitcoin’s journey to $100,000 remains on track, with market dynamics and institutional developments playing significant roles in shaping its future trajectory.