Bitcoin Expected to Soar Over $100K No Matter Who Wins U.S. Presidential Election: CNBC Report
2024-09-12

Experts in the cryptocurrency space believe that Bitcoin’s long-term performance will remain strong, regardless of the outcome of the 2024 U.S. presidential election, according to a report by Tanya Macheel for CNBC. Steven Lubka, head of private clients at Swan Bitcoin, predicted that Bitcoin will likely reach six figures by 2025, whether Donald Trump or Kamala Harris wins. He stressed that Bitcoin’s growth is driven more by global fiscal and monetary conditions rather than U.S. political leadership.
Fears surrounding a potential Harris presidency and its impact on Bitcoin are overblown, noted James Davies, co-founder of Crypto Valley Exchange. While U.S.-based crypto startups could face some difficulties, Davies explained that Bitcoin’s increasingly institutionalized presence—particularly with the rise of Bitcoin ETFs—will enable the cryptocurrency to thrive in the long term. He also emphasized that Bitcoin is a global commodity, and the market does not react negatively to partisan events in the U.S.
CNBC highlighted that many in the crypto community had initially speculated that Trump’s re-election would act as a catalyst for Bitcoin’s price. Analysts at Bernstein expect Bitcoin to surge to around $80,000 if Trump wins, while a Harris victory might lead to a temporary dip, pushing the cryptocurrency down toward $40,000. However, Lubka added that while short-term movements might occur, the medium-term outlook for Bitcoin is unlikely to be affected by the election result.
Although Vice President Harris has yet to publicly reveal her stance on cryptocurrencies, some investors worry that she may adopt a more aggressive regulatory approach, similar to Senator Elizabeth Warren and SEC Chair Gary Gensler. However, CNBC noted that Bitcoin has consistently performed well even under regulatory scrutiny, with Lubka reminding investors that Bitcoin has thrived despite a challenging political environment throughout its history.
Daniel Cawrey, chief strategy officer at Tonkeeper, mentioned that this election has brought crypto discussions to the forefront, which could result in clearer regulatory frameworks. Regardless of the election’s outcome, Cawrey suggested that the industry will be better positioned with stronger guidelines moving forward.
Featured Image via Pixabay