As a seasoned researcher with over two decades of experience in the financial markets, I must admit that the intersection of politics and cryptocurrencies has always intrigued me. The recent remarks by Steven Lubka, head of private clients and family offices at Swan Bitcoin, have added yet another layer to this fascinating dynamic.
In a recent interview with CNBC, Steven Lubka, Swan Bitcoin‘s head of private clients and family offices, stated, “It’s almost certain that bitcoin will reach six figures by 2025. Regardless of who the winner might be, it’s almost certain.
It might provide comfort to rapidly changing cryptocurrency markets, which can shift direction quickly, to consider the possibility that the election result could potentially influence prices. In December, VanEck suggested a $100,000 BTC target for the end of 2024 if Trump wins the election.
US Presidential Elections and Potential Impact
Immediately following last Tuesday’s political debate between Vice President Kamala Harris and ex-President Donald Trump, there was a noticeable drop in the value of meme coins linked to the Republican candidate, while the Democratic candidate experienced an increase on Polymarket, effectively reversing the previous positions.
On Ethereum, Polymarket stands as the biggest betting platform, and as of Thursday evening, Harris was slightly ahead of Trump by 50% to 49%. The total bet amounted to almost $900 billion.
For more than a dozen years, Bitcoin’s price pattern has repeated itself. Typically, there is an upward trend lasting approximately one year following each predetermined reduction in its supply every four years. The latest such reduction took place on April 19th, and many analysts suggest that the full effect of this event hasn’t been fully realized as yet.
On crypto exchanges, the typical price has shown a significant link with the federal funds rate set by the U.S. central bank. The Federal Reserve hinted in August that it would soon start lowering interest rates, which is likely to occur during the upcoming FOMC meeting starting next week. Current projections suggest the Fed will decrease rates by 0.25 percentage points.
65% US Consumers Expect Crypto to Replace Cash
Currently, the world of cryptocurrencies appears poised for significant growth in popularity among American consumers, according to a recent survey by Deutsche Bank.
A significant number of American consumers, approximately 65%, anticipate that cryptocurrency may one day surpass physical cash as a form of payment, potentially marking the triumph of the ‘nerd’ community’s innovative future.
Given its deep-rooted presence in public awareness, it seems unlikely that Bitcoin will face significant threats from political divisions within the U.S. government come January.
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2024-09-14 13:38