Bitcoin (BTC) performance creates a “very bullish setup” for the digital asset as investors prepare for November's US presidential election, says Matthew Siegel, head of digital asset research at VanEck. He told CNBC on October 28th.
“This is a very bullish setup for Bitcoin heading into the election,” Siegel said, adding:
“We saw the same pattern in 2020. Bitcoin was quiet, but when a winner was announced, it rose with high volatility.”
Bitcoin's spot price exceeded $69,000 on October 28th, indicating that it could be heading towards all-time highs ahead of the election.
“Bitcoin is […] It’s increased 100% in the past year,” Siegel said. “This increase from $57,000 to almost $70,000 appears to correlate with improved odds for Trump at betting sites.”
sauce: Van Eck
Related: VanEck says Bitcoin could reach $2.9 million per coin by 2050
Betting platforms such as Polymarket and Calci are betting that former US President Donald Trump will win the presidential election by a wide margin. As of Oct. 28, both platforms gave Trump a 62% and 66% chance, respectively, according to their websites.
The November election will pit Republican candidate Trump, who has said he wants to make the United States the “crypto capital of the world,” against Democrat Kamala Harris, who has remained relatively silent on the industry.
“Trump is seen as a more pro-crypto candidate, while Vice President Harris has shown less interest in crypto,” Siegel said.
Regardless of who wins, higher inflation will benefit BTC and other products because “all roads lead to inflation,” hedge fund manager Paul Tudor Jones told CNBC on October 22. He said he was deaf.
“I probably have a basket with gold, Bitcoin, commodities, and Nasdaq.” [technology stocks]Then you'll own zero bonds,'' Jones, who founded the hedge fund Tudor Investment Corporation, said on CNBC. squawk box.
sauce: federal reserve system
In a July 24 report, VanEck said BTC could reach around $2.9 million per coin by 2050 due to massive demand for decentralized currencies as collateral for trade payments and central bank reserves. I predict that it is possible to reach this goal.
“We have a long-term model that assumes that Bitcoin could become a reserve asset by 2050, held by central banks and used in global trade,” Siegel said.
“If Bitcoin reaches just 2% of global central bank reserves, our model predicts a price of around $3 million per Bitcoin.”
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