2024 is considered one of the most critical years for Bitcoin (BTC). The asset hit an all-time high back in March and is waiting to reap the benefits of the halving.
Amidst this, the community has looked into BTC’s potential rise or fall following the U.S. elections. However, the real question is whether geopolitical events will impact the king coin.
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The Impact of U.S. Elections on Bitcoin (BTC)
Cryptocurrency’s Role In The U.S. Presidential Campaign
Cryptocurrency has played a massive role in the U.S. presidential campaign. Donald Trump’s renewed interest in the industry turned heads. While some accused him of using Bitcoin to impress the industry, others lauded the former President for his pro-crypto stance.
Kamala Harris, however, doesn’t seem all that inclined towards Bitcoin. As a result, the upcoming elections in November are considered pertinent for the market.
Market’s Preference For Trump
The industry, however, is undoubtedly rooting for Trump. The market believes BTC will rise if the former President wins the elections. But BTC could fall if Harris takes the lead.
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Expert Opinions On Bitcoin’s Future
Steven Lubka from Swan Bitcoin believes that Bitcoin has potential, albeit the outcome of the elections. Lubka added,
“Do I think we’ll be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly. Bitcoin has always been an investment that is rooted more in the fiscal and monetary profile of countries, sovereigns and the United States. Neither candidate changes that.”
Bitcoin’s Performance Under The Current Government
He even pointed out that the idea of the king coin dipping, if Harris won, was far-fetched. Lubka noted that Bitcoin did tremendously and even hit an all-time high of $73,750.07 under the current government. He said,
“(Bitcoin) has been one of the most successful assets in the world during a period where everyone was opposed to it. Governments have traditionally been at least mildly hostile to bitcoin during its whole history, and it’s done extremely well.”
Currently, BTC is trading at $57,791.30, following a 3% rise over the past seven days.
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