Trump vs. Harris Election: Impact on Bitcoin Price?
As the 2024 U.S. presidential election approaches, crypto fans and investors are discussing its possible influence on Bitcoin price. American entrepreneur Mark Moss discussed how the Trump-Harris contest may affect Bitcoin in a recent interview. Additionally, he considered the macroeconomic circumstances.
The election will affect Bitcoin prices. Moss thinks a Trump win may be huge for BTC. “Trump and RFK have said they would put Bitcoin on the reserves,” Moss added. He also said this will drive other states to adopt BTC like El Salvador.
This “game theory,” according to Moss, would push states to hoard Bitcoin. It might push BTC to new heights. Moss said BTC may reach $400,000 next year under Trump.
However, if Kamala Harris wins, Moss anticipates a worse conclusion for BTC. He emphasized the Biden administration's crypto industry aggression. He noted “the FED denying Bank Charters” and “Elizabeth Warren passing bills that could make it even illegal to potentially mine Bitcoin.”
With Harris in charge, Moss forecast a more cautious Bitcoin price goal of $100,000–$150,000. He said “Bitcoin is a global asset” and would prosper regardless of U.S. politics.
Economic Conditions and Fed Role
Moss also discussed economic considerations, including the Fed. Despite inflation worries, he doesn't expect a market meltdown. Also, since the Fed dropped rates by 50 bps, the economy might shift substantially.
However, Moss forecast a “inflationary crash,” when prices rise faster than incomes. “While everybody’s expecting a deflationary crash, I’m expecting an inflationary crash,” Moss said, warning that many might lose their way of life.
Since BTC is an inflation hedge, current economic crisis may benefit it. The institutional investment in Bitcoin has increased with MicroStrategy spending $458 million. This influx, together with $397 million in Bitcoin ETF flows last week, may raise Bitcoin price in the immediate term.