Bitcoin’s Value Could Reach $100,000 Regardless of U.S. Election Outcome, Investors Predict

Despite the escalating division in the crypto industry, the future of bitcoin appears promising regardless of the outcome of the upcoming U.S. presidential election in November. Many cryptocurrency investors are recognizing this perspective as the initial enthusiasm sparked by former President Donald Trump’s favorable stance towards crypto earlier this year begins to fade.

Steven Lubka, head of private clients and family offices at Swan Bitcoin, expressed confidence in bitcoin’s long-term growth, stating that reaching six figures by 2025 is highly probable regardless of the election results. Lubka emphasized that bitcoin’s value is primarily influenced by the economic and monetary conditions of countries, including the United States, rather than by political figures. James Davies, co-founder of Crypto Valley Exchange, dismissed concerns that a potential Kamala Harris presidency might negatively impact bitcoin prices, noting that while crypto startups could face challenges, the industry as a whole will persevere and advance. The recent introduction of U.S. bitcoin exchange traded funds has further solidified bitcoin’s institutional presence.

Davies highlighted the resilience of the crypto market, emphasizing that it is not solely dependent on U.S. events and remains unaffected by partisan divides. He stressed the importance of focusing on opportunities and regulatory frameworks for U.S.-based users, urging the crypto community to engage with both sides of the political spectrum to ensure sustained success and growth.

Acknowledging exaggerated fears surrounding a Harris presidency, industry observers like Lubka noted a gradual de-escalation of anti-crypto rhetoric associated with the Biden administration. Tyrone Ross, founder of 401 Financial, predicted minimal impact of the election results on bitcoin’s performance in the next 12 to 18 months, citing ongoing developments such as ETF access and institutional adoption as key drivers of bitcoin’s resilience.

Bitcoin’s price has fluctuated between $55,000 and $70,000 throughout 2024, following its peak above $73,000 in March. While election-related news previously influenced bitcoin prices, recent fluctuations have been primarily driven by macroeconomic factors. Following a recent debate between Harris and Trump, bitcoin experienced a 3% decline attributed to external factors such as interest rate updates in Japan and U.S. inflation data.

Speculation surrounding the election’s impact on bitcoin has been prevalent, with some viewing a potential second Trump presidency as favorable for the industry. Analysts at Bernstein suggested that a Trump victory could propel bitcoin to new highs, while a Harris win might lead to a decline. Despite uncertainties surrounding Harris’s stance on crypto, concerns persist within the industry regarding potential regulatory challenges.

In conclusion, bitcoin’s resilience and performance have transcended political shifts and regulatory uncertainties, underscoring its status as a leading asset class. The crypto industry’s ability to navigate partisan divides and regulatory landscapes will be crucial in sustaining its growth and relevance in the evolving financial ecosystem.