World famous cryptocurrency experts How many coins?Had a special conversation with Examining the connection between the US presidential election and Bitcoin, Bitboy (Ben Armstrong), Michael van de Pope and Ali Martinez list their expectations for the market.
The crypto market is keeping an eye on the US elections. Voting in the US will end today and the votes will be counted. The point gap between presidential candidates Donald Trump and Kamala Harris has narrowed to almost zero in opinion polls. The winner of the election is expected to be determined by results in swing states, where both Democrats and Republicans are contenders. The states in question are: Pennsylvania, Georgia, Arizona, Nevada, Michigan, North Carolina and Wisconsin.
In the US presidential election, it is not the candidate who receives the most votes, but the candidate of the party that sends the most delegates to the Electoral College. For example, in the 2020 election between Donald Trump and Hillary Clinton, Trump won the presidency, even though Clinton received 3.5 million more votes than her opponent.
The US election process will end on January 20 after the new president takes office.
‘If Harris comes, we may face tougher rules’
The market is expected to move higher with the possible victory of Donald Trump, who has recently attracted attention with his Bitcoin and crypto-friendly statements and has the open support of the crypto industry. In other words, the market is dominated by the idea that Bitcoin will break a record if Trump wins.
Crypto analyst Ben Armstrong, known as Bitboy, said:There is definitely a correlation between the price of Bitcoin and Trump’s chances in the election. Investors seem to think a Trump win will be a green light for crypto.” he said.
Noting that tougher rules could be imposed on the sector if Harris wins, Armstrong argued that investors should take a “wait and see” approach. Armstrong noted:
“The market will respond to the policies they put on the table.”
Armstrong also said that the large inflow of money into spot bitcoin ETFs will increase confidence and bring clarity to crypto regulations.
“Bitcoin Will Chart Its Own Path Regardless of Election Results”
The impact of the US election on crypto is more complicated than ever. In fact, Harris’ grip with Trump in the election was not welcomed by the market and caused the price of Bitcoin to fall. So much so that nearly $500 million left the market with the last decline.
While the crypto market prepares for possible election scenarios, another world-renowned analyst, Ali Martinez, How many coins?He gave special statements.
“Bitcoin is influenced by broader market dynamics and investor sentiment. Given this historical context, it is reasonable to predict that BTC may continue its upward trend after the current election cycle.“
Martinez emphasized that Bitcoin showed resilience and growth after the US presidential election. The analyst recalled that after Trump’s victory in 2016, the price of BTC increased from $ 700 to $ 20 thousand. A similar scenario unfolded in 2020 after Biden won. During Biden’s victory, the price of BTC reached an all-time high of $69,000.
Martinez said Bitcoin should be examined in a broader context rather than specific political implications.
Martinez, on the other hand, said that media interest in the US election is temporary and will wane in the coming weeks.
“According to Google Trends, the increased media interest in the US presidential election is likely to be temporary and diminish over the next three weeks.” “Historically, search trends show that interest peaks on Election Day and when a new president is inaugurated in January,” Martinez said. But beyond these major events, public interest fades as attention shifts to other news topics.”
“No matter who wins, strong entries will continue.”
On the decentralized forecasting platform Polymarket, Donald Trump has a 62 percent chance of winning the election. The rate in question is calculated by the number of users making predictions. However, it’s worth remembering that the “predictions” made here are far from reflecting actual election results.
As a matter of fact, another well-known name who spoke to Coinkolik privately, Michael van de Pope, founder of MN Consultancy, shares the same opinion. Emphasizing that Polymarket data does not reflect the truth, van de Pope argued that the market does not follow the data on the platform. The crypto industry icon attributed the recent decline in the market to possible selling by investors who did not want to take risks during the election period.
Arguing that the election will not affect the positive outlook in the market, van de Pope said:
“No matter who wins, I expect market penetration to remain strong. I assume inflows will accelerate, especially with the FOMC meeting later this week, and we’ll see increases in both November and December that will bring a new ATH for Bitcoin in USD terms.“
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
