Harris Or Trump, Bitcoin To Be In Win-Win Position Irrespective Of Who Wins The White House: ‘Not Looking At This Election As A Make-Or-Break Moment’
By Benzinga
As the 2024 presidential election approaches, Bitcoin (CRYPTO: BTC) finds itself in a favorable position regardless of the outcome. The election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market.
What Happened: Despite the election’s proximity, the crypto market remains stable. Bitcoin’s price has fluctuated between $55,000 and $65,000 over the past three months, marking a modest 6% increase. This stability follows a spike in July when Trump was shot at a rally, boosting his election prospects, and President Joe Biden subsequently withdrew, endorsing Harris, Barron’s reported on Monday.
Brett Reeves from BitGo believes Harris’s candidacy has balanced the crypto market. Meanwhile, Gregory Benhaim from 3iQ predicts a Trump win could temporarily boost Bitcoin prices, though legislative challenges might arise without a Republican Congress majority. Conversely, Harris’s victory could lead to a more volatile market, despite her recent support for crypto as a future industry.
Benhaim views the election as a long-term win for Bitcoin, given neither candidate plans to address the U.S. debt, enhancing Bitcoin’s appeal over fiat currency.
“I’m really not looking at this election as a make-or-break moment for Bitcoin or digital assets as a whole,” he said.
Why It Matters: Trump recently announced the launch of a token sale for his decentralized finance project, World Liberty Financial, emphasizing his commitment to the crypto space.
Analysts from Bernstein suggest that a Trump victory could propel Bitcoin to new highs, potentially reaching $80,000 to $90,000. Conversely, a Harris win might lead to a decline in Bitcoin’s value. Additionally, Anthony Scaramucci praised Trump for shifting the crypto debate, forcing Democrats to reconsider their stance on cryptocurrencies, which could benefit the industry in the long run.
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Image via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
