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bitcoin

Bitcoin Bound For $100,000 As Bitwise CIO Claims It ‘Doesn’t Need Washington’ To Succeed

Ash Tiwari
by Ash Tiwari
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

With just four days to go until the US presidential election, crypto enthusiasts are hoping that a victory for their preferred candidate will lead to a higher Bitcoin (BTC) price.

Who Will Be More Beneficial For Bitcoin?

From a crypto-enthusiast perspective, the 2024 US presidential elections are unlike any other as both candidates recognize the rising importance of digital assets.

Related Reading: Bitcoin Nears ATH As Daily OTC Desk Inflows Slip To 2024 Lows, Data Shows

While a win for Republican candidate Donald Trump is seen as beneficial for the crypto industry, Democratic candidate Kamala Harris has pledged a fresh approach to digital assets, contrasting with the Biden administration’s perceived hostility.

Both the candidates are trying to court the ‘crypto voting bloc’ – a significant proportion of voters are more likely to support a candidate with a pro-crypto stance.

Bitwise CIO Matt Hougan mentioned in a recent interview with Yahoo! Finance that the most crucial outcome for BTC is simply that “the elections happen.”

Hougan stressed that regardless of a Trump or Harris win, the regulatory environment for crypto is witnessing steady improvement. He attributed the recent positive movement in digital asset prices to a maturing regulatory framework. 

The Bitwise CIO mentioned that although, in the short-term, the crypto market favors a Trump victory over a Harris victory, Bitcoin “really does not need Washington to succeed.”

The crypto executive added that regardless of the election results, institutional investment in the digital assets space is on the rise, which is evident from the strong Bitcoin spot exchange-traded funds (ETF) inflows in recent days.

When asked about regulatory clarity’s role in crypto, Hougan pointed out that it impacts altcoins more than BTC. He anticipates a greater chance of an altcoin rally than a BTC rally if Trump wins. Hougan added:

This is the best single time to invest in Bitcoin from a risk-adjusted perspective. All of the major existential risks of Bitcoin have been washed away. We have an ETF, we have institutions. They are coming into the space. The biggest catalyst is that move of institutional adoption.

Path To New ATH Won’t Be Easy

Although BTC is trading very close to its all-time high (ATH) price of $73,737, it has yet to touch the March 2024 price level. 

Rising geopolitical tensions worldwide add to the volatility of an already volatile asset, which may discourage the more risk-averse investors from buying more BTC. 

However, the existing macroeconomic uncertainties are not deterring crypto analysts from sharing their ambitious price targets for the top cryptocurrency. 

Recently, analysts at trading firm Bernstein predicted that a $200,000 BTC by 2025 end might be a conservative target.

Related Reading: Bitcoin In Danger Of Crashing To $55,000 – Here’s Why

That said, weekly charts show BTC attempting several runs past its ATH, only to drop each time. At the time of writing, BTC is trading at $70,840, approximately 4% below its ATH.

bitcoin
BTC got rejected once again in its latest attempt to create a new ATH | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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