Experts in the cryptocurrency field believe that Bitcoin will continue to perform well in the long term, no matter who wins the 2024 U.S. presidential election.
Steven Lubka from Swan Bitcoin predicts that Bitcoin could reach over $100,000 by 2025, whether Donald Trump or Kamala Harris takes office.
Politicians are the lesser force, compared to the global economy
Founder of Crypto Valley Exchange, James Davies shared that fears about how a potential Harris presidency might impact Bitcoin are pretty exaggerated.
While U.S.-based cryptocurrency startups might face some challenges, he thinks that Bitcoin’s growing presence, especially with the increasing popularity of Bitcoin ETFs, will help it succeed in the long run.
He also pointed out that Bitcoin is a global commodity, meaning the market isn’t likely to react negatively to all political events in the U.S.
Short-term events aren’t change long-term fundamentals
CNBC reported that many in the crypto industry initially thought that Trump’s re-election would boost Bitcoin’s price.
Analysts at Bernstein believe that if Trump wins, Bitcoin could rise to about $80,000, but in contrast, if Harris wins, there might be a drop, pushing Bitcoin down to around $40,000.
Lubka added that while there might be short-term price changes, the medium and long-term outlook for Bitcoin is unlikely to be affected by the election results.
No one knows anythig, and this could be a problem
Harris hasn’t publicly shared her views on cryptocurrencies, some investors worry that she might take a stricter regulatory approach, similar to that of Senator Elizabeth Warren and SEC Chair Gary Gensler.
But wort to remember as CNBC pointed out, that Bitcoin has performed quite well even under regulatory pressure, with Lubka reminding everyone that Bitcoin has thrived despite facing tough political situations throughout its history.
Daniel Cawrey from Tonkeeper also mentioned that this election has already brought crypto discussions to the forefront, which could lead to clearer regulations.
Cawrey suggested that regardless of the election outcome, the industry will be better positioned with stronger guidelines in the future.
