Bitcoin has been a hot topic in the world of finance for years. As the 2024 U.S. presidential election approaches, many people are wondering how the election might impact the price of Bitcoin. But according to many experts and investors, Bitcoin’s future is bright, no matter who wins. Whether it’s Kamala Harris or Donald Trump, Bitcoin is likely to keep thriving in the long run.
Why Bitcoin Could Hit Six Figures
Some crypto investors believe that Bitcoin will soon reach six figures. Steven Lubka, head of private clients at Swan Bitcoin, is one of these investors. Lubka believes that by 2025, Bitcoin could be worth $100,000 or more. He also says that the U.S. election won’t change Bitcoin’s long-term success.
Lubka explains that Bitcoin’s value is mostly tied to the fiscal and monetary policies of countries like the United States. He says that no matter who becomes the next president, the factors that impact Bitcoin’s price will stay the same. Investors who are worried about how a Kamala Harris presidency might hurt Bitcoin are exaggerating, according to Lubka. In fact, he thinks the U.S. election won’t have a big effect on Bitcoin’s price over the next year.
Institutional Support for Bitcoin
One reason why Bitcoin has become more stable is the growing support from institutional investors. In 2024, Bitcoin became more institutionalized, especially with the introduction of U.S. Bitcoin exchange-traded funds (ETFs). These ETFs have made it easier for large investors and companies to invest in Bitcoin, which has helped to boost its price.
James Davies, co-founder of Crypto Valley Exchange, believes that while some crypto startups might struggle under new regulations, Bitcoin itself will keep growing. He explains that the Bitcoin market is not just focused on the U.S. but is a global commodity. This means that even if U.S. regulations change, Bitcoin will continue to do well on a global scale.
Impact of U.S. Election on Bitcoin
While the election is a major event, it may not have as big of an effect on Bitcoin as some people think. Some investors initially believed that if Donald Trump were re-elected, it would push Bitcoin prices higher. Trump made several pro-crypto moves in 2024, which excited many Bitcoin supporters. He even spoke at the Bitcoin Conference in Nashville, where he discussed his views on the future of cryptocurrency.
On the other hand, many investors worried that a Kamala Harris presidency could hurt Bitcoin’s growth. Some believed that Harris shared the views of other Democrats like Senator Elizabeth Warren and SEC Chair Gary Gensler, who have been critical of cryptocurrencies. However, recent signs show that Harris might not be as tough on crypto as some feared. In fact, her campaign has been talking with leaders in the crypto industry, which could lead to better regulations for Bitcoin.
The Bigger Picture: Bitcoin and the Global Economy
While the U.S. election is important, it’s not the only thing that affects Bitcoin’s price. Macroeconomic developments like interest rates, inflation, and international policies also play a major role. Recently, Bitcoin’s price dropped slightly after a debate between Harris and Trump. However, investors said the drop was more about changes in interest rates in Japan and concerns about U.S. inflation data.
Tyrone Ross, founder of 401 Financial, says that the election might not change Bitcoin’s performance much in the next year. He believes that factors like ETF access and retail trading will have a bigger impact on Bitcoin’s price. Ross thinks that while the election might make it harder for some startups, Bitcoin is now seen as an institutional-grade asset, which will help it continue to grow no matter who wins the election.
Long-Term Outlook for Bitcoin
Looking ahead, most experts believe that Bitcoin will continue to grow over the next few years. Even though there are concerns about new regulations and the outcome of the U.S. election, Bitcoin has shown that it can thrive even in difficult times. Investors have been impressed with how well Bitcoin has performed under the current Biden administration, which has been seen as unfriendly to cryptocurrency.
Bitcoin has been one of the top-performing assets over the last decade. Despite facing opposition from governments and regulators, it has continued to grow and gain more institutional support. Investors like Daniel Cawrey, chief strategy officer at Tonkeeper, believe that Bitcoin is in a strong position going into the 2024 election. Even if the election causes short-term price changes, the long-term outlook for Bitcoin remains positive.
Bitcoin’s Role in the Global Economy
Another key reason why Bitcoin is expected to keep thriving is its role in the global economy. While the U.S. is an important market for Bitcoin, it’s not the only one. Bitcoin is a global asset, and its price is influenced by events around the world, not just in the United States. As more countries adopt Bitcoin and more investors around the world buy into it, the price is expected to continue rising.
Even though the U.S. election could cause some short-term uncertainty, investors believe that Bitcoin’s global nature will help it remain strong. As James Davies points out, the U.S. election is just one factor in a much larger global market for Bitcoin. Crypto investors have learned to adapt to changes, and they are confident that Bitcoin will continue to grow regardless of who wins the presidency.
Up Next
Bitcoin’s future looks bright, with many investors predicting that it will soon hit six figures. While the U.S. presidential election might cause some short-term changes in Bitcoin’s price, experts agree that the long-term outlook is strong. Factors like institutional support, global adoption, and macroeconomic trends will continue to drive Bitcoin’s growth, regardless of who is in the White House. As Bitcoin continues to gain more support from investors around the world, it is expected to remain a key player in the global economy for years to come.
