The asset management company VanEck assumes that the original cryptocurrency Bitcoin will climb to an all-time high over the course of the new year. The upcoming US presidential election on November 9th could also provide tailwind.
• US presidential election impacts Bitcoin development, according to VanEck
• Incumbent Joe Biden trails in polls Donald Trump
• VanEck has his eyes on the fight against the US Securities and Exchange Commission
VanEck recently presented a crypto outlook for 2024. Accordingly, Matthew Sigel and Patrick Bush expect that Bitcoin could reach new record highs in 2024 – even though the two VanEck analysts assume that the US economy will slip into recession in the first half of 2024. On the one hand, they see the Bitcoin halving, which is expected to take place in April, as a price driver, when the block reward for Bitcoin miners will be halved. On the other hand, they expect that the US Securities and Exchange Commission (SEC) will approve a Bitcoin spot ETF in the first quarter of the year, which should significantly increase demand for Bitcoins.
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Donald Trump vs. SEC
But the outcome of the US presidential election is also likely to have an influence on the Bitcoin price. According to VanEck analysts, the price of the world’s most popular cryptocurrency could even reach the $100,000 mark if Donald Trump succeeds in moving into the White House for the second time.
VanEck sees a direct connection between Trump’s potential election victory and a new Bitcoin record, namely with regard to the fight against the US securities regulator Securities and Exchange Commission (SEC): “After a combative election in which Donald Trump received 290 electoral votes has won and regained the presidency, hopes are rising that the SEC’s hostile regulatory approach will be abolished. We believe the price of Bitcoin will reach an all-time high on November 9th, exactly three years after its last all-time high,” quoted ” Crypto News Germany” from the asset manager’s forecast report. Bitcoin reached its previous all-time high of $68,892.03 on November 9, 2021.
Since the bankruptcy of the crypto exchange FTX, the SEC has taken much more aggressive action against the crypto sector, which, in addition to the loss of trust that had already occurred, has put additional pressure on the prices of Bitcoin and Co. But an election victory for Donald Trump would lead to a relaxation of SEC regulatory measures in 2024, argue the VanEck analysts. If Bitcoin actually climbs to $100,000, its market capitalization would grow to around $2 trillion, which would be more than that of Silver, Amazon or Alphabet.
How realistic is this VanEck forecast?
A Trump election victory actually seems likely at the moment. Because as the “Wall Street Journal” reported on December 9th, Trump is in the most recent polls with 47 percent ahead of the current incumbent Joe Biden, who wants to run for re-election and is only at 43 percent.
What is noteworthy, however, is that, according to “BTC Echo”, many investors assume that Bitcoin will reach the $100,000 mark, regardless of the US election campaign.
Editorial team finanzen.net
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