PANews reported on November 3 that Dean Skurka, President and CEO of digital financial services company WonderFi, believes that interest rate cuts in Canada and the United States, along with the upcoming 2024 U.S. presidential election, will continue to drive Bitcoin prices higher in the next 6 to 24 months.

Skurka explained that the recent decision by the Bank of Canada to lower interest rates by 50 basis points, as well as the Federal Reserve's ongoing rate cut plan starting in September 2024, will encourage retail and institutional investors to enter the market or increase existing positions. "The signals of rate cuts and the idea that interest rates will not rise" are enough to keep investors optimistic in the short term before the capital injection brought by rate cuts enters the market—this usually takes place within 6 to 18 months after the announcement of rate cuts.

Skurka also emphasized that the upcoming 2024 U.S. presidential election is a major catalyst for Bitcoin prices. The cryptocurrency industry believes that a Trump victory would be beneficial for cryptocurrencies, while a Harris victory could cause short-term price shocks. However, regardless of who wins the 2024 presidential election, Bitcoin's long-term price is expected to rise, and due to the political pressure from industry advocacy groups, the regulatory environment in the U.S. is expected to change after the November election. These catalysts, along with significant inflows of Bitcoin ETF funds (indicating strong and sustained institutional interest), create a "very positive environment" for Bitcoin in the coming years.