“Do I think it'll be six figures by 2025? Almost certainly. Do I think it'll be six figures no matter who wins? Almost certainly,” Steven Lubka, head of private clients and family offices at Swan Bitcoin, recently told CNBC.
That could be encouraging for a fast-moving cryptocurrency market that has been rattled by the idea that prices will be driven by the outcome of the election: VanEck in December set a target of $100,000 for BTC by the end of 2024 if Trump wins.
The US Presidential Elections and Their Potential Impact
Shortly after Tuesday's debate between Vice President Kamala Harris and former President Donald Trump, meme coins supporting Republican candidates plummeted in price, with Democrats outperforming Republicans on Polymarkets.
Polymarkets, Ethereum's largest betting marketplace, had Harris leading Trump 50% to 49% with a betting pool of nearly $900 billion as of Thursday night.
Bitcoin prices have been following a cycle for over 12 years. After regular supply cuts every four years, prices tend to rise for about a year to a few months. The last supply cut was on April 19th, and most experts believe the real impact has yet to be felt.
The current price of cryptocurrency exchanges also correlates strongly with the U.S. central bank's effective federal funds rate. The Fed has signaled its intention to resume interest rate cuts in August, which is expected to begin at the FOMC meeting next week. Current expectations are that the Fed will cut interest rates by 25 basis points.
65% of US consumers expect cryptocurrency to replace cash
Meanwhile, the crypto industry is at a major turning point for mass adoption, according to a new Deutsche Bank survey of U.S. consumers.
The survey 65% of US consumers believe cryptocurrency could one day replace cash as a form of geek revenge. future.
With such an entrenched place in the public consciousness, Bitcoin likely doesn't have much to fear when partisan lines are drawn within the U.S. government come January.
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