Bitcoin Price Expected to Reach Six Figures Regardless of US Election Outcome, Predicts Swan Bitcoin
In the realm of cryptocurrency, there exists a notable division among enthusiasts, yet a prevailing sentiment persists that Bitcoin is on track to achieve a six-figure valuation, irrespective of the outcome of the U.S. presidential election. Steven Lubka, who serves as the head of private clients and family offices at Swan Bitcoin, asserts that Bitcoin (BTC) is primed to hit the coveted six-figure milestone in the long run, regardless of who emerges victorious in the presidential race.
While political polarization continues to escalate within the cryptocurrency sphere, the prevailing belief is that Bitcoin will sustain its growth trajectory, even as the optimism stemming from former President Donald Trump’s pro-crypto declarations diminishes. Lubka, in an interview with CNBC, reaffirmed his confidence in Bitcoin’s potential to surpass the $100,000 mark by 2025, stating, “Do I think we will be in the six figures regardless of who wins? Almost certainly.”
Addressing concerns that a potential Kamala Harris presidency could exert downward pressure on Bitcoin’s price, James Davies, the co-founder of Crypto Valley Exchange, contends that such apprehensions may be overstated. Davies emphasizes that while crypto startups could encounter obstacles under such circumstances, the broader industry is poised to thrive. He underscores Bitcoin’s status as a global commodity, emphasizing that its valuation is more influenced by macroeconomic dynamics than domestic political events. Davies advocates for the cryptocurrency sector to engage with and garner support from both sides of the political spectrum to ensure its resilience and success, irrespective of election outcomes.
In the aftermath of the September 10 debate between Donald Trump and Kamala Harris, their odds of winning on the prediction platform Polymarket have equalized, with both candidates holding a 49% chance of victory. Notably, Trump’s probability of winning had surged to 72% in July following his participation in the Bitcoin 2024 conference in Nashville, a development that buoyed pro-crypto sentiments among voters.
The debate between the two candidates triggered a bearish trend in the crypto market, resulting in a nearly 2% decline in the global crypto market capitalization. Despite the prevalent speculation surrounding the election’s impact on Bitcoin’s trajectory, analysts concur that the cryptocurrency’s valuation will be predominantly shaped by broader macroeconomic trends rather than specific political events. The consensus remains that Bitcoin’s price movement will be more closely tied to global economic forces than domestic political shifts.
