crypto.news
Despite the partisan divide in crypto, many investors believe Bitcoin will reach six figures regardless of the U.S. presidential election outcome.
Bitcoin (BTC) is poised to reach six figures over the long term, no matter who wins the U.S. presidential election, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin.
Amid growing political polarization in the cryptocurrency industry, many investors now believe Bitcoin will continue to thrive, even as optimism from former President Donald Trump‘s pro-crypto statements fades. In an interview with CNBC, Lubka said he still “certainly” believes that Bitcoin will surpass the $100,000 mark by 2025.
“Do I think we will be in the six figures regardless of who wins? Almost certainly.”
Steven Lubka, head of private clients and family offices at Swan Bitcoin
Concerns that a Kamala Harris presidency could drive the price of Bitcoin lower are likely overstated, per James Davies, co-founder of Crypto Valley Exchange.
He noted that while crypto startups may face challenges under such a scenario, the broader industry will still thrive. Davies also stressed that Bitcoin is a global commodity, with its price driven more by macroeconomic forces than domestic political events, adding that crypto “needs to lobby both sides, align with both sides and succeed regardless of the election.”
Following the Sept. 10 debate between Donald Trump and Kamala Harris, their odds are now tied on the prediction platform Polymarket, with both candidates holding 49% winning odds. As crypto.news reported, Trump had previously seen his chances rise to 72% in July after attending the Bitcoin 2024 conference in Nashville, which sparked optimism among pro-crypto voters.
The debate triggered bearish momentum in the crypto market, with the global crypto market cap dropping nearly 2%. Despite the election speculation, analysts agree that Bitcoin’s price will be more influenced by macroeconomic trends than political events.