Bitcoin Could Reach Six Figures Regardless of U.S. Election Outcome, Say Investors

As the U.S. presidential election looms, Bitcoin’s long-term potential remains strong, regardless of who takes office. While the cryptocurrency industry has increasingly become divided along political lines, many investors believe Bitcoin will thrive no matter who wins in November.

Crypto enthusiasts initially felt optimistic following former President Donald Trump’s pro-crypto remarks earlier this year. However, as the excitement has tapered, investors are growing confident that Bitcoin will reach six figures within the next couple of years.

“Do I believe we’ll see six-figure Bitcoin by 2025? Almost certainly. And I’m confident we’ll get there regardless of who wins the election,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin. “Bitcoin has always been more influenced by the fiscal and monetary policies of nations rather than the actions of specific political figures,” he added.

U.S. Election Impact on Bitcoin

While concerns about a potential Kamala Harris presidency impacting Bitcoin’s price have circulated, experts like James Davies, co-founder of Crypto Valley Exchange, believe such fears are overblown. He noted that while crypto startups may face more challenges, Bitcoin itself will remain resilient. “Bitcoin has become more institutionalized, especially with the introduction of U.S. Bitcoin exchange-traded funds (ETFs),” Davies said.

Some within the crypto community remain apprehensive about the U.S. election’s outcome, but Davies emphasizes that Bitcoin’s price is less dependent on U.S. politics than many think. “The market is robust and not centered entirely on the U.S.,” he added. “For the crypto industry to grow, it must align with both political sides and succeed regardless of election results.”

Addressing Political Risk

Lubka agrees that concerns about a Harris presidency are exaggerated. “While the crypto industry faced challenges during the Biden administration, we’re now seeing signs of a less hostile stance under Harris,” he said.

Tyrone Ross, founder and president of 401 Financial, also believes that the U.S. election will have minimal impact on Bitcoin's short-term performance. “There are other forces at play, such as firms working through ETF access and upcoming interest rate cuts, which will influence Bitcoin’s trajectory more than the election,” Ross said.

Bitcoin’s Resilience and Global Trends

Bitcoin’s performance has been resilient, trading between $55,000 and $70,000 for most of 2024, despite political uncertainty. Investors expect it to stay in this range until the election, with global macroeconomic factors playing a more significant role in its price movements.

Recent election debates, such as the one between Vice President Harris and Trump, had a minor effect on Bitcoin’s price, with a slight 3% dip attributed to external factors like interest rate news from Japan and U.S. inflation data.

While some speculate that a second Trump presidency could drive Bitcoin to new heights, with predictions of hitting $80,000, analysts caution that a Harris victory could see Bitcoin dipping toward $40,000. Despite these short-term possibilities, experts remain optimistic about Bitcoin’s long-term growth.

Conclusion

Regardless of who wins the U.S. election, Bitcoin’s trajectory remains bullish, with six-figure valuations within reach by 2025. Investors are focusing less on politics and more on macroeconomic trends, institutional adoption, and the ongoing development of the crypto space. As Bitcoin continues to mature, it is proving its resilience as a global asset.