Industry leaders have suggested that Bitcoin will reach 6 figures by 2025 irrespective of who wins the US Election. Amidst the growing tensions around the impact of the US Election on Bitcoin, notable leaders continue to be hugely optimistic about the future.
Steve Lubka, head of Private Clients at Swan Bitcoin told CNBC that he is almost certain that Bitcoin will reach six figures by 2025 regardless of who wins the US Election.
Short-Term Effects of the Election Results
Many experts have weighed the potential impact of the results and most of them believe that global factors matter a lot more than US politics.
However, there is no denying the short-term effects the results might have on the Bitcoin price. Lubka suggests that there could be an immediate bump in case of a Trump win, whereas a Harris win might cause some panic and selling pressure.
Beyond Politics: Global Factors Have A Bigger Influence
Broader macroeconomic trends seem to have more impact on Bitcoin’s valuation than the recent election headlines. It suggests that global factors play a more influential role in Bitcoin’s valuation than politics.
James Davies, co-founder of Crypto Valley Exchange has also encouraged investors to think beyond politics. Davies believes the market is robust and no big news from either party has impacted the market badly.
Lubka goes as far as to point out how well Bitcoin has done under the current administration and suggests that even with mildly hostile governments, the cryptocurrency has done extremely well.
The Swan Bitcoin executive said to CNBC that the risk of a Harris win was exaggerated. Lubka has shown faith in Harris’ ability to handle digital assets, suggesting that the Vice President would do a much better job than President Joe Biden.
Institutional Adoption: A Big Positive
The introduction of US Bitcoin ETFs is seen as a positive sign for Bitcoin’s future. As Tyrone Ross, the founder and president of 401 Financial pointed out many firms are working through ETFs. This institutional adoption will shape the perception of the cryptocurrency giving it legitimacy as an institutional-grade, quality asset.
Ross is another industry leader who believes Bitcoin would perform well irrespective of who wins the election. The 401 Financial founder reckons the impact of the election on how Bitcoin performs in the next few months will be minimal.
What does a Trump win mean for Bitcoin?
Though there is a growing consensus around Bitcoin’s resilience amidst the US Elections, many still believe that a second term for Trump will have a huge positive impact on the industry.
Bernstein analysts have predicted that Bitcoin will reach an all-time high of $80K if the former President comes back to power on November 5th. And in case of a Harris win, the analysts believe Bitcoin will drop to $40K.
The Future of Digital Assets
Discussion around the impact of elections on Bitcoin valuation will continue with more crypto players weighing in. While there may be global factors in play and elections may have a minimal impact on Bitcoin as the industry leaders suggest, the elections will surely impact the broader adoption of digital assets.
There are a growing number of online platforms that use digital assets as a currency for users to shop around and play games with. And the next administration’s stance on the use of these digital assets across online platforms will be crucial.
Digital platforms like online casinos that cannot operate in states where online betting isn’t legal often set up alternative platforms like online sweepstakes casinos where users can play casino games without using real money. But the winnings from these games are in the form of sweepstakes coins that can be redeemed for real money.
Sweepstakes casinos offer a safer way to enjoy online slots and other casino games without any risks. There is all the fun and excitement of real money casinos along with the prizes without the risks. Virtual currencies are used across various digital platforms in addition to sweepstakes casinos.
Regulations around the use of virtual currencies for playing online games and shopping online can impact the future of digital assets. Whether the next administration has a positive stance towards the adoption of Bitcoin and other digital currencies will be the point of focus in the next couple of years.
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