Bitcoin has been a major talking point not just in crypto, but the entire world of finance in 2024. The leading cryptocurrency by market cap exploded in price in March thanks to the arrival of Spot Bitcoin ETFs. The asset managed a new all-time high of $73,000 in March but has remained around the $60,000 mark since.
Crypto has been a hotbed of discussion in the US government as well as during the ongoing election race. Republican candidate Donald Trump has made many promises in support of cryptocurrency, especially Bitcoin. He also spoke at this past summer’s Bitcoin Conference in Nashville, TN, further praising the asset and endorsing it as a currency that can help the US Dollar.
The community hopes to witness a major price surge if Donald Trump is elected President of the United States. Several believe that Bitcoin will record a new all-time high if Trump scores big. However, things could go another way if current Vice President Kamala Harris is elected in November. Due to her lack of a crypto-friendly approach, many believe that the upcoming election could shape how Bitcoin and cryptocurrency perform for the next few years.
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How Will The US Election Impact Bitcoin Price?
Currently, Kamala Harris is gaining more and more ground on Donald Trump in pre-election popularity votes. As a result, Bitcoin hasn’t seen too much growth. When Trump or other political figures have commented on the asset in a positive light, the asset typically sees a small pump in price.
Furthermore, Harris’s ties to the existing administration are the reason behind the concern of a Bitcoin dump if she wins the US presidency. The Biden-Harris administration made the industry one of the strictest regulatory frameworks. Trump, on the other hand, has been supportive of the cryptocurrency industry. Trump changed his stance on the market and is now considering himself the “Crypto President.” Recently, he also posted to X (formerly Twitter) to promise an incoming plan to make the US the “crypto capital of the planet.”
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As the election draws nearer, pre-election day voting will be crucial to determine how much of an impact the election has on Bitcoin and other cryptocurrencies. If Vice President Harris also gives positive input on the digital asset industry, making both candidates pro-crypto, the asset may boom to new highs. Price predictions already have Bitcoin reaching a new all-time high come Q4 2024 due to potential interest rate cuts. However, the upcoming US Election will certainly impact the coin’s price.
