It also projected that BTC might reach $90,000 by the end of 2024 if Donald Trump were to win.
According to Sigel, Bitcoin’s performance might be boosted if the Democrats win.
Matthew Sigel, Head of Digital Assets Research at VanEck, refuted previous assertions made by Bernstein that the US election would directly affect Bitcoin. Investors are taking notice of this counterargument, which downplays the impact of the 2024 US presidential election on the BTC surge.
Sigel made an interesting observation on the flagship cryptocurrency and how it may “outperform” if Kamala Harris defeats Donald Trump in the next election. This has sparked debates in the market.
High Volatility on the Cards
According to Bernstein’s most recent analysis, the 2024 US presidential election may have a major effect on Bitcoin price. Whether Donald Trump or Kamala Harris wins, it predicts a very unpredictable course of events.
Reversing gains seen since Bitcoin ETF momentum in 2023, the research claims that Bitcoin might plummet to as low as $30,000 if Kamala Harris wins. It also projected that Bitcoin might reach $90,000 by the end of 2024 if Donald Trump were to win the election.
Nevertheless, Matthew Sigel of VanEck denied these assertions. He contended that market mood and investor confidence, rather than politics, determine the main cryptocurrency’s success.
According to Sigel, Bitcoin’s performance might be boosted if the Democrats take over the US presidency. A Republican triumph, however, may keep altcoins moving upward. Put another way, he thinks the cryptocurrency market as a whole may benefit from a Trump victory.
Sigel’s remarks have ignited discussions, with some investors expressing concern that a Harris win may result in more government expenditure and the printing of more money. As a hedge against inflation, this shift generally makes Bitcoin more appealing.
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