Opinion: Regardless of the outcome of the US election, Bitcoin is expected to rise to six figures by 2025

Odaily Odaily News Industry insiders believe that despite the growing partisan sentiment in the cryptocurrency industry, Bitcoin will thrive in the long run no matter who wins the US presidential election in November. Steven Lubka of Swan Bitcoin said that no matter who wins the November election, the price of Bitcoin will almost certainly reach six figures by 2025, adding: "Bitcoin has always been an investment that is more rooted in the fiscal and monetary conditions of countries, sovereign states and the United States, and neither candidate has changed this." James Davies of Crypto Valley Exchange believes that even if Harris is elected president, it will not significantly affect the price of Bitcoin. Crypto startups may face greater challenges, but the industry will continue to work hard to move forward and thrive. Lubka agreed that some observers "overestimated the risks of Harris' presidency" because the cryptocurrency industry has suffered hostility during the Biden administration. However, he added, "All the signs we see from Harris's election as president indicate that the cryptocurrency rhetoric in the Biden era is gradually degrading." "The election results will have little impact on how Bitcoin performs over the next 12 to 18 months," said Tyrone Ross, founder and president of registered investment advisor 401 Financial. "There are still many companies doing business through ETF channels, interest rates are about to fall, and retail trading in centralized custodians is low. It will definitely be more difficult for young startups, but as a developing institutional-grade quality asset, it will continue to prove itself no matter who is in power." Daniel Cawrey, chief strategy officer of crypto wallet operator Tonkeeper, said that depending on the ultimate winner in November, the crypto market may see a short-term rise or a flat reaction, but in any case, the crypto market has performed better this election season. After hitting an all-time high of $73,000 in March, Bitcoin has been trading between $55,000 and $70,000 for most of 2024. Investors generally expect Bitcoin prices to remain depressed until U.S. voters decide on the next president. However, the recent election news has had less impact on Bitcoin prices, which are more affected by macroeconomic developments. (CNBC)