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Cryptocurrency News Articles
Bitcoin (BTC) Finds Itself In A Favorable Position As The 2024 Presidential Election Approaches, Regardless Of The Outcome
Oct 14, 2024 at 10:14 pm
The election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market.
As the 2024 presidential election approaches, Bitcoin (CRYPTO: BTC) finds itself in a favorable position irrespective of the outcome. The upcoming election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market.
Here's how the candidates' stance on crypto could impact Bitcoin's price.
The crypto market has remained largely stable despite the upcoming election. Bitcoin's price has hovered between $55,000 and $65,000 over the last three months, notching a modest 6% gain. This stability follows a spike in July when Trump was shot at a rally, boosting his election prospects, and President Joe Biden withdrew, endorsing Harris, Barron's reported Monday.
According to Brett Reeves of BitGo, Harris's candidacy has helped stabilize the crypto market.
Meanwhile, Gregory Benhaim of 3iQ anticipates that a Trump victory could lead to a temporary boost in Bitcoin's price, although legislative challenges may arise if Republicans do not secure a majority in Congress.
On the other hand, a Harris win could result in a more volatile market for Bitcoin, despite her recent expression of support for crypto as a future industry.
Benhaim sees the election as a long-term positive for Bitcoin, given that neither candidate is expected to address the U.S. debt, which could enhance Bitcoin's appeal as an alternative to 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.
Trump recently announced a token sale for his decentralized finance project, World Liberty Financial, highlighting his continued interest in the crypto space.
Analysts at Bernstein speculate that a Trump victory could propel Bitcoin to new highs, potentially reaching $80,000 to $90,000. In contrast, a Harris win could lead to a decline in Bitcoin's value.
Additionally, Anthony Scaramucci credited Trump with shifting the conversation on crypto, compelling Democrats to reevaluate their stance on cryptocurrencies, which could ultimately benefit the industry.
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Benzinga's Take: The upcoming presidential election is bound to impact the crypto market, especially given the candidates' differing stances on digital assets. While Trump has actively engaged in the crypto space, Harris's recent support for crypto could also influence its performance. Ultimately, the election's outcome will play a role in shaping the future of Bitcoin and other cryptocurrencies.
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