The 2024 U.S. presidential election is about to begin, and global markets are holding their breath. Every time before an election, BTC always undergoes a turbulent baptism. Will history repeat itself this time?
Elections Are Always Positive News
There are only seven days left until the 2024 U.S. presidential election. During the last election in 2020, BTC experienced fluctuations before the election and was in a phase of third-quarter positioning, and on election day, Bitcoin broke through $14,000, eventually surpassing the $15,000 mark without looking back, setting a new high point in two years.
The head of digital asset research at VanEck also stated, "Elections are very favorable for Bitcoin's performance. We saw the same pattern in 2020 when Bitcoin lagged behind and had low volatility, but once the winner was announced, we experienced a high volatility rebound as new buyers entered the market."
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One of the main reasons for this is that both Trump and Harris have shown support for Bitcoin and cryptocurrencies during the election. Trump has explicitly stated his support for cryptocurrencies, and his campaign team accepts cryptocurrency donations, which has led Bitcoin to be seen as one of the "Trump trades."
Additionally, the resolution of the U.S. election is viewed as a signal of market stability, which somewhat reduces market volatility. This expectation of stability may further drive the growth of the cryptocurrency market, as investors typically seek investment opportunities after political uncertainty decreases.
At the same time, VanEck's head of digital asset research, Matthew Sigel, predicts that by 2050, the price of BTC will reach $3 million, and Bitcoin will become a widely accepted and valuable reserve asset. He envisions Bitcoin becoming a global reserve asset, with central banks allocating 2% of their reserve assets to it.
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He also warns the U.S. to be vigilant about BRICS countries, stating that if the U.S. continues to ignore cryptocurrencies, it may lose its dominant position in the global financial system. This highlights Sigel's confidence in Bitcoin and indicates that Bitcoin may play an important economic role in the future, especially against the backdrop of increasing global economic uncertainty.
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