Despite the increasingly partisan sentiment in the cryptocurrency industry, bitcoin will thrive over the long term regardless of who wins the U.S. presidential election in November.
That’s a view many crypto investors are coming to accept, as the wave of optimism spurred by former President Donald Trump’s pro-crypto overtures this summer starts to recede.
“Do I think we’ll be in the six figures by 2025? Almost certainly. Do I think we’ll be in the six figures regardless of who wins? Almost certainly,” said Steven Lubka, head of private clients and family offices at Swan Bitcoin.
“Bitcoin has always been an investment that is rooted more in the fiscal and monetary profile of countries, sovereigns and the United States,” Lubka added. “Neither candidate changes that.”
Fears that a Kamala Harris presidency would somehow limit the price of bitcoin or drive it lower are overblown, said James Davies, co-founder at crypto trading platform Crypto Valley Exchange. Crypto startups may be more challenged, but the industry will continue to fight its way forward and thrive, he noted. It helps that bitcoin became more institutionalized than ever this year with the introduction of U.S. bitcoin exchange traded funds.
“Some of our communities … have become echo chambers and are convinced the sky will fall if one side or the other wins,” Davies said. “The truth is that the market is robust, not centered on the U.S., and hasn’t reacted negatively to major events from either side” of the…
