Crypto investors have expressed confidence that the outcome of the U.S. presidential elections between Donald Trump and Kamala Harris will not deter Bitcoin from reaching $100,000. Crypto has become a major talking point ahead of the polls, which is why several predictions continue to be made with the outcome of the elections as a determining factor. However, history also suggests that BTC doesn’t care about who wins at the polls in November.
Bitcoin To Reach $100,000 Whether Trump Or Harris Wins
A CNBC report highlighted crypto investors’ confidence that BTC will reach $100,000 whether Trump or Harris wins the U.S. elections. Steven Lubka, head of private clients and family offices at Swan Bitcoin, stated that it is almost certain that the crypto will reach six figures by 2025, regardless of who wins. He added that the leading crypto is rooted in countries’ fiscal and monetary profiles, including the U.S., and neither Trump nor Harris can change that.
So far, both candidates have taken different approaches to BTC and cryptocurrencies. On the one hand, Donald Trump has publicly declared his support for crypto and made several crypto-related campaign promises that he intends to fulfill if elected again as President. On the other hand, Kamala Harris has remained tight-lipped about where she stands. Harris’ silence is more concerning considering that she is part of the Biden administration, known to have clamped down on the crypto industry through enforcement actions by the U.S. Securities and Exchange Commission (SEC).
Fears Over A Harris Presidency Are Unwarranted
James Davies, co-founder of the Crypto Valley Exchange, indicated that the fears that Harris might drive Bitcoin’s price lower if elected is unwarranted. He asserted that the industry will continue progressing and thriving even if the U.S. Vice President wins. He added that BTC has become more institutionalized, especially with the introduction of the spot BTC ETFs, which also helps.
Lubka admitted that some crypto commentators are overplaying the risks of a Harris presidency because of the Biden administration’s hostility towards the industry. However, he added that all the “signposts” the market has seen from Harris indicate a “de-escalation” of Biden’s war on crypto.
Tyrone Ross, founder and President of registered investment advisor 401 Financial, is also confident that the election between Trump and Harris will have minimal effect on Bitcoin’s performance over the next 18 months. Ross is bullish on the BTC price, noting that many firms are pushing for ETF access. He added that a Fed rate cut is imminent and retail trading is still low.
History Shows That Bitcoin Will Rise Regardless
History has shown that BTC’s price will rise regardless of who wins the U.S. elections. In 2017 and 2021, the leading crypto reached new highs after the presidential election. As such, this time isn’t expected to be different as BTC aims for new highs in 2025. BTC’s tepid price action is believed to be a reaction to the uncertainty surrounding the presidential race.
However, any short-term volatility is expected to cool off once the elections have taken place. A Bitcoin price recovery will likely follow as investors feel more confident about allocating more capital to risk assets like BTC and other cryptos.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, Boluwatife is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
