#Bitcoin Could Benefit from a Constructive Regulatory Approach

In addition to macroeconomic trends, the cryptocurrency industry is seeing a brighter outlook as the U.S. presidential election approaches in November. Candidates have strong incentives to publicly support the digital finance industry, regardless of their actual intentions. A Bloomberg report on August 21 indicated that Democratic presidential candidate Kamala Harris has reportedly pledged to support the continued growth of the crypto industry.

Ultimately, as long as U.S. employment and inflation data remain neutral to positive, the likelihood of looser monetary policy from the Federal Reserve will increase. This could help reduce government spending on debt repayment, but it could also weaken the domestic currency as investors look elsewhere for better fixed-income opportunities. As a result, the prospects for Bitcoin to surpass $62,000 before the end of the year remain strong.