"Our bet is that Bitcoin is showing a very strong rally heading into the election. The same pattern was seen in 2020," said Matthew Sigel, head of digital asset research at VanEck.
Matthew Sigel, head of digital asset research at ETF firm #VanEck , suggested that Bitcoin's current outlook for the #US elections is very positive.
Sigel, who claimed that a cryptocurrency could open up in a CNBC broadcast he attended, said that the conditions are right for an explosive rise if Donald Trump wins.
"Trump is very clearly a friendly name on crypto and Bitcoin, and Harris has barely said a word on the subject," Sigel said. The VanEck manager continued his words as follows: "But coming to your question about developments, the most important long-term health conditions for Bitcoin are a negative crisis with the US dollar and positive development with money supply growth or M2. At this point, the money supply economy has accelerated again with the Fed's policy change. This may also play a role. There is also the issue of the sell-off. The German government and the US government sold almost 2 billion Bitcoin in the last few months. That sell-off has eased, and the general election is helping with that.â
Sigel also suggested that the current situation in Bitcoin resembles 2020: âOur argument is that Bitcoin maintained a very strong rally leading up to the election. We saw the same pattern in 2020, where Bitcoin had a high volume rally that was held in a holdout with low volatility and new buyers were brought into the market after the election was declared the winner. Thatâs the great thing about Bitcoin; new buyers are entering the market every day.â
The daily blockchain analysis firm CryptoQuant also made the claim that the Bitcoin outlook resembles 2020.
#donaldtrump #binance #BTCBreak71K