Bitcoin Analysts: What Role does Crypto Play in the Upcoming 2024 US Election?
Presidential elections may be another reason why the price of Bitcoin skyrockets. The picture is getting clearer as to whether any political factors will be involved as the election makes its approach.
There is a possibility that Bitcoin will be affected by the presidential elections, as indicated by QCP Capital. There is an increased appreciation of political consideration within the market as options contracts linked to the elections are currently selling at a ten percent markup.
Is It Best That Trump or Harris Advocate for Bitcoin?
Out of the blue, Donald Trump, the previous president, starts to back cryptocurrency. Given that he previously railed against these virtual currencies, that is a sizable shift. In his last speech, he stated that the crypto must be embraced since it is being driven out of the United States, which shows a lack of respect for it.
He advises that the country should have a stockpile of Bitcoin and that the Federal Reserve should not be allowed to develop a digital currency. If this strategy succeeds, it could attract cryptocurrency advocates and benefactors if successful, hence enhancing the worth of Bitcoin.
The Vice President has not commented much about Harris but she has been trying to engage with the crypto community. The plea for the crypto community to vote during the activist campaign seems to imply that she is having a change of heart about the virtual currency.
Trump may be extreme in embracing crypto but itâs unlikely that Harris will be that way as well. Nonetheless, her being willing to engage in debate over it indicates that if she wins, regulatory conditions will be much more favorable.
Currently, Bitcoin is trading at $67,685 and some experts are optimistic that it will soon reach $74,000. Bitcoin ETFs have recently seen enormous inflows, which may have played some role in the most recent price increase.
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