- Bitcoin may soon hit six figures regardless of who wins the U.S. presidential election in November, according to crypto investors.
- Despite the increasingly partisan sentiment in the crypto industry, bitcoin will thrive over the long term regardless of the election outcome.
- While a Trump presidency is seen as more favorable for crypto, investors believe bitcoin’s success is rooted in broader fiscal and monetary factors beyond the U.S. political landscape.
Despite increasingly partisan sentiment in the crypto industry, bitcoin will likely thrive over the long term regardless of who wins the US presidential election in November, according to many investors. This view is becoming more widely accepted as initial optimism around former President Donald Trump‘s pro-crypto efforts this summer fades.
Long-Term Price Outlook Remains Bullish
“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,” said Steven Lubka, head of private clients at Swan Bitcoin.
Bitcoin’s value has always been rooted more in countries’ fiscal and monetary policies rather than politics, Lubka added. Neither candidate fundamentally alters that.
Fears that a Kamala Harris presidency would hurt bitcoin are overblown, said James Davies, co-founder of Crypto Valley Exchange. Crypto startups may face more challenges, but the industry will continue growing. Bitcoin’s institutional adoption has increased with the launch of US bitcoin ETFs this year.
Partisan Fears Are Exaggerated
Some crypto communities have become “echo chambers” convinced the industry is doomed under one candidate or the other, Davies said. But bitcoin has not reacted negatively to past political events. Crypto needs bipartisan support like traditional finance, not partisanship, to succeed long-term.
Lubka agreed some overstate the risks of a Harris presidency given hostilities under Biden. But Harris has signaled a de-escalation of Biden’s anti-crypto rhetoric.
The election outcome will have minimal impact on bitcoin’s performance over the next year, said Tyrone Ross of 401 Financial. Institutional adoption will continue regardless of who is in office.
Macroeconomics Are More Impactful Than Politics
Bitcoin has traded between $55,000-$70,000 in 2024 after reaching an all-time high above $73,000 in March. Investors expect rangebound trading until the election outcome provides more clarity.
Election news has had diminishing effects on bitcoin’s price lately compared to macroeconomic developments like interest rates and inflation data.
Conclusion
There are concerns about a potential Harris presidency given the Biden administration’s hostility to crypto. However, bitcoin has thrived under political antagonism throughout its history. The medium to long-term outlook remains positive regardless of election results.
