As the 2024 presidential election draws closer, the Bitcoin (CRYPTO: BTC) finds itself in a favorable position regardless of the results. The election, in which will participate Donald Trump et Kamala Harrispresents a unique scenario for the cryptocurrency market.
What happened : Despite the proximity of the election, the cryptocurrency market remains stable. Over the past three months, the price of Bitcoin has fluctuated between $55,000 and $65,000, marking a modest 6% rise. The stability follows a surge in July, when Trump was shot at a rally, boosting his electoral prospects, and the president Joe Biden finally withdrew, supporting the candidacy of Kamala Harris, reported Barron’s Monday.
Brett Reeves of BitGo believes that Harris’ candidacy helped balance the cryptocurrency market. During this time, Gregory Benhaim 3iQ predicts that a Trump victory could temporarily boost Bitcoin prices, although legislative challenges could arise without a Republican majority in Congress. Conversely, Harris’ victory could lead to a more volatile market, despite her recent support for cryptocurrency as an industry of the future.
Box title Benhaim sees the election as a long-term victory for Bitcoin, with neither candidate planning to tackle U.S. debt, boosting Bitcoin’s appeal over fiat currency.
“I really don’t see this election as a watershed moment for Bitcoin or digital assets as a whole,” he said.
Why it matters : Trump recently announced the launch of a token sale for its decentralized finance project, World Liberty Financial, highlighting its commitment to the crypto space.
Bernstein analysts suggest a Trump victory could push Bitcoin to new heightspotentially reaching $80,000 to $90,000. On the other hand, a victory for Harris could lead to a drop in the value of Bitcoin. Moreover, Anthony Scaramucci congratulated Trump for having changed the debate on cryptocurrency, forcing Democrats to reconsider their stance on cryptocurrencies, which could benefit the industry in the long run.
