Bitcoin On Election Day: What a Donald Trump or Kamala Victory Will Do For BTC
As America’s big political circus takes place today, Bitcoin is taking center stage, and the crypto community can’t call this election either way. Presidential candidates Trump and Harris present opposing crypto visions, leaving investors jittery and plotting their next moves.
In the aftermath, Bitcoin has barely nudged trading at $69,428. (damn, so close to 69420)
Andre Dragosch, Head of Research at Bitwise, said this about the chaos: “Correlations of crypto assets like Bitcoin to US presidential election odds have increased lately. However, ‘macro correlations’ to traditional assets like US stocks or gold still remain higher.
This implies that macro developments outside of the US election currently play a larger role in the development of Bitcoin and other crypto assets.
Trump’s Crypto-Friendly Stance Toward Bitcoin
Donald Trump has positioned himself as a potential ally of the crypto community. Over the summer, Trump attended Bitcoin Nashville, signaling his intention to transform the U.S. into the “crypto capital of the world.”
His promises include strategic Bitcoin holdings and replacing the current SEC Chair, Gary Gensler, with someone more crypto-friendly. Analysts, including those at Bernstein, suggest that if Trump secures a win, Bitcoin could surge past $80,000, buoyed by supportive regulatory changes and heightened investor confidence.
“The price of Bitcoin over the next two months could rise above $80,000 if Trump wins.” – Gautam Chhugani, Bernstein Analyst.
EXPLORE: Election Day is Here: How the Presidential Race Could Impact Crypto Market Volatility
Kamala Harris’ Regulatory Approach to BTC
On the other hand, Kamala Harris has supported the establishment of a clear regulatory framework for cryptocurrencies. While less vocal about crypto than Trump, her approach might foster a more structured environment for digital assets like Bitcoin.
However, some market observers anticipate that her victory could initially dip Bitcoin prices to $50,000 (Buy the dip?). Despite this, long-term impacts might be minimal, given that Bitcoin’s value is increasingly influenced by broader macroeconomic conditions rather than political shifts.
“The election is near-term noise. Both candidates are pushing for aggressive spending and lower interest rates, conducive to higher Bitcoin prices.” – Stéphane Ouellette, CEO of FRNT Financial
With the election outcome uncertain, crypto investors should prepare for heightened volatility.
A CF Benchmarks index, reflecting expected Bitcoin volatility, recently peaked, indicating market anticipation of significant price movements post-election. Traders also leverage short-term protective measures on platforms like CME, underscoring the cautious sentiment prevailing among market participants.
Despite the election’s potential to influence short-term Bitcoin prices, macroeconomic factors remain dominant drivers. The Federal Reserve’s ongoing policies and global economic trends continue to exert substantial influence over Bitcoin’s trajectory.
RIP Peanut The Squirrel, but the new Token FreeDum Fighters Has Staying Power Too
A new crypto project also going viral in lockstep with the election is the brand new token presale FreeDum Fighters ($DUM).
FreeDum Fighters kicked off its presale with a bang, raking in $433,000 in a few weeks. This meme coin mocks the U.S. elections, showcasing a digital showdown between Donald Trump as the tentacled MAGATRON and Kamala Harris as the cyborg Kamacop 9000. The playful satire has grabbed the attention of politically savvy crypto enthusiasts.
Beyond the usual staking, a vibrant arena opens up with weekly debates, where supporters shout out their preferences for a shot at more DUM, a juicy reward for their vocal enthusiasm.
These debates aren’t just a soapbox; they’re a golden ticket for airdrops. This twist sets it apart from other PolitiFi tokens, fostering a lively, loyal crowd ready to rally.
STOP THE STEAL & VISIT FREEDUM FIGHTERS HERE
READ MORE: Thailand’s SEC Proposes Allowing Mutual And Private Funds To Invest In Crypto Products
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