As the US presidential election approaches, Bitcoin has drawn attention by nearing $73,000, prompting discussions on the election's influence on its price.
The "Trump Trade" Hopes: Really That Significant?
A segment of crypto enthusiasts suggests Trump’s victory could benefit Bitcoin with tax cuts and protectionist measures. However, analysis reveals weak correlation between Bitcoin price and Trump's odds. Alex Tapscott argues the impact may be overstated. Concerns about prediction markets further question the validity of these expectations.
Bitcoin's Long-Term Prospects and the Election
Analysts at Bernstein predict a bright future for Bitcoin irrespective of the election outcome. Their report indicates that while a Trump victory might push Bitcoin's price up, its resilience and structure are set to drive it past $200,000 by 2025, thanks to Bitcoin ETFs and institutional capital influx.
Divergent Crypto Policies: Trump vs. Harris
Trump has shown interest in crypto, launching World Liberty Financial. He supports US-based Bitcoin mining for sector dominance. Harris is quieter on crypto, but it's speculated her administration may adopt a cautious approach amid current regulatory tensions. However, experts suggest crypto will evolve regardless of politics.
Despite the election outcome, Bitcoin remains a resilient asset for investors due to its fundamental strengths.
