Donald Trump vs. Kamala Harris: How the 2024 US presidential election will shape the future of Bitcoin

Bitcoin prices recently hit a three-month high of nearly $70,000, driven by a surge in inflows into exchange-traded funds (ETFs) for the world's largest digital asset. Optimism about the possibility of loosening regulations on cryptocurrencies after the 2024 US presidential election is also supporting the price rally.

The U.S. Spot Bitcoin ETF rose in the six days ending Oct. 18, driven in part by expectations that U.S. crypto regulation would become more favorable after the Nov. 5 election, according to Bloomberg data. It attracted net inflows of nearly $2.4 billion. Demand for ETFs drove the price of Bitcoin to an all-time high of $73,798 in March.

US presidential elections have long influenced financial markets, and the cryptocurrency market is no exception. When candidates outline their regulatory policies, crypto prices tend to react based on investor sentiment regarding future leadership.

Republican candidate Donald Trump has openly supported cryptocurrencies, and Bitcoin is often referred to as the “Trump deal” due to his support for cryptocurrencies. In contrast, her Democratic opponent, Vice President Kamala Harris, has promised to establish a clear regulatory framework for the cryptocurrency market.

This marks a shift from the stricter approach under the Biden administration, which has introduced stricter regulations for the sector. The future of virtual currency regulation will be a key issue in the upcoming US presidential election due to the differing views of the candidates.

Here are our predictions for Bitcoin price after the 2024 US election.

The future of Bitcoin after the 2024 US election

Edul Patel, CEO of Mudrex, said that President Trump's proposal to make Bitcoin a strategic reserve and position the United States as a global crypto hub has caused a huge market frenzy, and Bitcoin He pointed out that it was driving up prices.

“Kamala Harris also announced plans to introduce crypto-friendly regulations. It will be interesting to see how the next few weeks unfold, but it is clear that both parties will bring good news to the US and global markets. This will also help our country follow suit,” Patel said.

Vikram Subburaj, CEO of Giottus Crypto Platform, said the victory of pro-crypto candidate Donald Trump, who has expressed a more hands-off approach to regulation, could be seen as reducing regulatory risk. I'm thinking.

“Conversely, a Kamala Harris victory could result in a more structured regulatory environment, which could introduce additional oversight but also provide much-needed clarity. , which could stabilize the price of Bitcoin in the long term,” Subraj said.

Bitcoin price outlook

The cryptocurrency market will experience significant growth in 2024 and significant developments will occur in this field.

“In particular, the US approval of the Spot Bitcoin ETF has given a lot of legitimacy to the sector. This has allowed institutions to smoothly enter the market. Additionally, the US election has also given momentum. “Bitcoin has already reached its ATH this year and is preparing for the next ATH. If things continue like this, it won't be long before it reaches $100,000.” spoke.

Historically, October has been a strong month for Bitcoin, with an average price increase of 21% over the past decade. Subraj predicts that Bitcoin could approach an all-time high near $73,000 by the 2024 US election.

He remained optimistic about further price action, adding: “Hopefully there will be some price discovery after that,” hinting at the potential for further volatility and upward momentum in the post-election period.

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Disclaimer: The views and recommendations above are those of individual analysts or brokerages and not of Mint. We recommend checking with a certified professional before making any investment decisions.