Bitcoin (BTC) begins the week that could propel it to new heights, or could cause its price to “crash,” at least in the short term.
Tomorrow, Tuesday November 5the elections that will define who will be the next president of the United States.
As CriptoNoticias has explained in detail in a reportage In this regard, the political and macroeconomic events that take place in the world’s main financial power can impact the price of BTC and cryptocurrencies.
In general, The market prefers a victory for the Republican Party candidate, the former president donald trump.
His pro-free trade policies and promises to make the United States the “world capital” of the Cryptocurrency industry attract the attention of many bitcoiners.
Furthermore, Trump has assured that if he reaches the White House, he will maintain a strategic reserve in bitcoinas part of the state treasury.
On the other hand, his opponent Kamala Harris does not seem to be convincing the bitcoiner electorate too much.
Although the Democratic candidate has also made promises related to cryptocurrencies (for example, that will establish regulations on the subject to help “black men”), investors seem to understand that their government would be a continuation of the mandate of current President Joe Biden, who does not enjoy much sympathy from the cryptocurrency-loving public.
Analysts at Bernstein, a financial investment company, have My dear that bitcoin could skyrocket in the short term to $90,000 if Donald Trump were elected as the new president of the United States.
On the other hand, a victory for Harris could push the price of the digital currency towards $40,000 in the coming days, according to these specialists.
According to the betting website Polymarket.com, Donald Trump is more than 10 points ahead of Harrisas can be seen in the image below:
Donald Trump leads the trend on Polymarket. Source: Polymarket.com
Instead, the website fivethirtyeight.comwhich compiles the results of various surveysshows a trend slightly favorable to Kamala Harris at the time of this writing:
Kamala Harris leads voting intention polls in the United States. Source: fivethirtyeight.com
It is worth clarifying that the results of these elections will probably move the price of bitcoin only in the short term.
In the medium and long term, expectations remain bullish regardless of who the winner of this political contest is, since bitcoin has its own reasons to continue attracting demand and, consequently, continue to rise in price.
For the Bernstein analysts, BTC will reach $200,000 in this same cycleand could reach $1 million in 2033.
Also the directors of the management companies and issuers of bitcoin ETFs in the United States are extremely optimistic with the price of the digital currency.
For example, Matthew Sigel, head of research at VanEck, has high short-term expectations if Donald Trump wins and also assures that bitcoin could reach 3 million of dollars by 2050.
Jeff Park, head of alpha strategies at Bitwise, has expectations similar to those of Bernstein analysts. He assures that a Trump victory could take the price of bitcoin to $92,000, based on probability analysis and bitcoin price variations in relation to electoral polls.
The long road of bitcoin
Bitcoin has come a long way since its early days as a curiosity for cypherpunks and internet libertarians.
What was once a project with ambitions for financial freedom and resistance to censorship, today has become a world class asset which is at the center of global economic decisions.
That the electoral promises of the candidates for the presidency of the United States include mentions of bitcoin and policies on cryptocurrencies shows how deeply it has penetrated the collective imagination and its relevance in the markets.
This growth underscores not only the maturity of the ecosystem, but also the acceptance that bitcoin is an integral part of the international financial and political conversation.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
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