The upcoming US election has become a hot topic among Bitcoin enthusiasts, sparking debates about how the results might impact the price of the digital asset.
Despite the heightened political tensions and uncertainty surrounding the election, many experts believe that bitcoin is set to hit six figures, regardless of who wins the race to the White House.
The Bitcoin world has seen a sharp divide between supporters of the two main candidates: Donald Trump, who has recently embraced a pro-Bitcoin stance, and Kamala Harris, whose position on digital assets remains less clear.
Trump, who once criticized Bitcoin and digital assets, has become a vocal supporter, going so far as to attend the Bitcoin 2024 conference in Nashville, where he pledged to make the United States a global leader in the Bitcoin space.
Meanwhile, Harris’s campaign has been more muted on the issue, leaving many in the space uncertain about her stance.
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Steven Lubka, head of private clients and family offices at Swan Bitcoin, has been at the forefront of those arguing that bitcoin’s future is not tied to the outcome of the election. In an interview with CNBC, Lubka confidently stated:
“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.”
Many in the Bitcoin community have speculated that a Trump victory would be more favorable for bitcoin, potentially leading to a price surge, while a Harris win might drive the price down due to her association with the current administration’s relatively cautious approach toward digital assets.
Analysts at Bernstein, a leading research firm, have even forecasted significant price fluctuations for bitcoin based on the election’s outcome.
However, Lubka and others argue that these concerns are exaggerated.
Lubka noted that, while it’s understandable to be cautious about a Harris presidency, bitcoin has thrived even under administrations that were not particularly supportive. It’s proven itself time and again as a resilient asset.
James Davies, co-founder of Crypto Valley Exchange, echoed Lubka’s sentiments, stating:
“Some of our communities have become echo chambers and are convinced the sky will fall if one side or the other wins. 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.”
The belief that bitcoin’s price is largely unaffected by US elections and politics is rooted in the idea that it is a global asset, driven more by macroeconomic forces than by domestic political events.
Davies mentioned that, bitcoin is a global commodity, and its price is influenced by much more than just US politics, it’s driven by supply and demand on a global scale, and while political events can cause short-term fluctuations, they don’t determine the long-term trajectory.
This perspective suggests that while political events can trigger short-term volatility, they do not fundamentally alter the underlying value or potential of bitcoin. According to Lubka, any immediate effects of the election outcome will likely be temporary.
He highlighted: “If Trump wins in November, will there be an immediate increase? Yes, absolutely. If Harris wins, could there be immediate selling pressure? That would definitely not surprise me. But in the medium term, I don’t think the election winner is a determining dynamic for the BTC price.”
Despite this confidence in bitcoin’s resilience, the market has already shown signs of reacting to the election drama.
Following the September 10 debate between Trump and Harris, the global digital assets market cap dropped by nearly 2%, reflecting a temporary bearish sentiment. This shows that while long-term forecasts remain bullish, short-term volatility is likely as political events unfold.
Interestingly, Trump has gained popularity among bitcoin investors, earning the title of the “crypto candidate” due to his open support for digital assets.
His campaign has made efforts to court the Bitcoin community, which has not gone unnoticed. Meanwhile, Harris’s campaign has not focused heavily on Bitcoin, leading to some uncertainty among investors.
Regardless of who takes the White House, experts like Lubka and Davies are confident that bitcoin will continue its upward trajectory.
Their optimism is shared by many in the industry who view the digital asset as a hedge against inflation, a store of value, and a tool for financial inclusion.
Lubka’s assertion that bitcoin will hit six figures by 2025, regardless of the election outcome, reflects a broader sentiment that bitcoin has reached a point where it is less dependent on US politics.
He explained that Bitcoin has shown time and again that it can survive and thrive under various conditions, it doesn’t need Trump or Harris; it’s strong enough on its own.
While the outcome of the US election may cause short-term fluctuations in bitcoin’s price, experts remain confident in its long-term growth potential.
With analysts predicting a six-figure bitcoin by 2025, investors seem prepared to weather any political storm, confident in the digital asset’s ability to continue its rise to new heights, no matter who sits in the Oval Office.
