With the U.S. presidential election around the corner, investors and analysts have shared various ideas on factors that may influence bitcoin price action after the election. While many predict a better outcome for the crypto market only if a crypto-friendly candidate wins, some have expressed with strong belief that bitcoin will jump to at least $100k no matter who becomes the next U.S. president.
Bitcoin at Six Figures in 2025
As revealed by CNBC on Wednesday, many crypto investors are coming to adopt the idea that bitcoin will thrive whether pro-crypto candidate Donald Trump wins or his opponent, Vice President Kamala Harris, takes the seat after the election on November 5.
Steven Lubka, head of private clients and family offices at Swan Bitcoin, expressed conviction and certainty that bitcoin would trade at six figures by 2025, regardless of who wins the election.
“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,” he said, adding, “Bitcoin has always been an investment that is rooted more in the fiscal and monetary profile of countries. Neither candidate changes that.”
Supporting Lubka, James Davies, co-founder of the crypto trading platform Crypto Valley Exchange, stated that the fears of bitcoin going down if Harris wins are exaggerated. Although crypto startups may struggle to thrive, the industry will continue progressing, especially with the approval of crypto exchange-traded funds (ETFs) in the U.S. this year.
“The truth is that the market is robust, not centered on the U.S., and hasn’t reacted negatively to major events from either side. If we want to build a big eco-system, we cannot afford to be partisan,” he said.
Tyrone Ross, founder of investment advisor 401 Financial, also expressed that the election will have minimal effect on bitcoin price, stating the approval of and rapid growth of spot crypto ETFs across continents as a factor.
Trump and Bitcoin Predictions
Trump has undeniably supported bitcoin adoption throughout his campaign, while Harris has not openly mentioned bitcoin and crypto in all of her speeches. Following their debate on Tuesday night, bitcoin dropped by 3%.
Considering Trump’s proactive approach to crypto, famous analysts and investors believe his victory will benefit the crypto industry. Popular tech billionaire Elon Musk has expressed open support for Bitcoin because of Trump’s stand. Bernstein analysts have also predicted that if Trump wins, the world’s biggest crypto will jump to $90k at least before the end of Q4 2024.
