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Bitcoin set to hit $100K regardless of US election outcome

Bitcoin set to hit $100K regardless of US election outcome

GrafaGrafa2024/10/11 01:30
By:Mahathir Bayena

According to Dan Tapiero, founder of 10T Holdings, Bitcoin (CRYPTO:BTC) is on track to reach $100,000 per coin regardless of the outcome of the 2024 U.S. presidential election. 

Speaking at the Permissionless conference on October 10, Tapiero emphasised that Bitcoin's bullish trajectory is unaffected by political developments and predicted that other crypto assets would follow Bitcoin’s rise. 

“I don’t think it really matters. Everything is going up now. The election will pass,” Tapiero stated during the panel discussion, pointing out that Bitcoin serves as a proxy for the broader cryptocurrency market. 

His prediction aligns with the crypto industry's belief that the upcoming Bitcoin halving event in April 2024 will boost its price further, likely contributing to strong performance in the fourth quarter. 

The 2024 U.S. presidential election pits Republican nominee Donald Trump against Democrat Kamala Harris. 

While Trump has positioned himself as more favorable to the crypto industry, pledging to make the U.S. "the crypto capital of the world" and promising to fire SEC Chair Gary Gensler, Harris has remained quieter on the issue. 

However, she has recently expressed support for blockchain technology, stating her intention for the U.S. to remain a leader in emerging technologies. 

Analysts like CK Zheng from ZX Squared Capital believe Bitcoin will benefit from the election regardless of who wins, largely due to both parties' failure to address the rising U.S. debts and deficits. 

This economic uncertainty is seen as bullish for Bitcoin, which continues to attract institutional investments. 

“The move toward putting all value on a Blockchain is bigger than one election,” Tapiero remarked, emphasising that the momentum of blockchain technology and institutional money is driving the market forward globally. 

At the time of writing, the Bitcoin price was $60,110.02.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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