Republican

Value

Bitcoin

Standard

<ul class="wp-block-list">
 <li>Bitcoin's value relies on its acceptance as a store of wealth and government actions affecting currencies.</li>  
 <li>A potential Trump victory could particularly boost Bitcoin prices, according to industry analysts and predictions.</li>  
 <li>The coin's function may expand from investment to an international payment system, increasing its market appeal.</li> 
</ul>  
<p>Bitwise Chief Investment Officer Matt Hougan predicts Bitcoin could surpass $100,000 after the next U.S. election, as he believes this is a critical time for supporters. His insights specify two main factors influencing Bitcoin’s price. These factors are Bitcoin's status as a new store of value and potential legislative misuse of fiat currencies.</p>  
<h2 class="wp-block-heading" id="h-key-factors-influencing-bitcoin-s-value"><strong>Key Factors Influencing Bitcoin's Value</strong></h2>  
<p>In a recent interview with Yahoo Finance, Hougan discussed the dual influences on BTC's future. First, Bitcoin must establish itself as a recognized store of value to attract more investment. Second, many believe that governments may misuse fiat currencies. This misuse could drive demand for Bitcoin and other cryptocurrencies as alternatives.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/martypartymusic/status/1851653862400172274
 </div>
</figure>  
<p>As of press, the token accounts for about 7% of gold's market cap which is around $18 trillion. If BTC captures 50% of gold's trade share, its cost might soar to over $400,000. If the overall store of value economy grows and Bitcoin keeps its current revenue share, it could still reach $200,000 if the market triples in size.</p>  
<h2 class="wp-block-heading" id="h-institutional-adoption-and-political-dynamics"><strong>Institutional Adoption and Political Dynamics</strong></h2>  
<p>Moreover, Hougan emphasized the importance of institutional adoption. More participation from financial institutions can certainly boost Bitcoin’s price. Geoff Kendrick, head of crypto research at Standard Chartered, agrees. He predicts that a Trump victory in the upcoming election could elevate Bitcoin’s price to $125,000 by the end of 2024.</p>  
<p>The current political climate shows mixed signals. Former President Trump's lead in Polymarket betting odds is increasing and is now nearing 70%. Meanwhile, Vice President Kamala Harris faces her lowest odds since August. This shift could substantially impact Bitcoin and the broader cryptocurrency market.</p>  
<h2 class="wp-block-heading" id="h-the-role-of-market-expansion"><strong>The Role of Market Expansion</strong></h2>  
<p>Additionally, the <a href="https://cryptonewsland.com/vitalik-buterin-tackles-user-experience-challenges-in-ethereums-layer-2-solutions/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>-based betting market is gaining traction. More than $2.6 billion has been wagered on the election outcome. Rising odds for a Republican sweep in the presidency, Senate, and House could facilitate crypto-related legislation. This legislation might enhance Bitcoin’s market position.</p>  
<p>Furthermore, Hougan believes Bitcoin's utility may expand beyond being a store of value. He envisions it as an international settlement layer which could further boost its value. This potential expansion presents interesting opportunities for Bitcoin in the global financial scenes.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-set-to-surge-past-100000-after-upcoming-election/" rel="noopener noreferrer nofollow">Bitcoin Set to Surge Past $100,000 After Upcoming Election</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Set to Surge Past $100,000 After Upcoming Election

Table of Contents

Crypto News Land

Other articles published on Oct 31, 2024

How Ethereum Maintains Its Lead in Social and Development Spheres Over Solana

XRP Price Trajectory Set For Meteoric Heights Following Recent $1.1 Billion 24-Hour Trading Volum...

Snowball Effect Begins: Bitcoin Gears Up for New Highs

How to Back Up Your Crypto Wallet: A Step-by-Step Guide

DePIN Glow secures $30M from Framework Ventures, USV

Coinbase Faces Scrutiny Over $25M Donation to Fairshake PAC

Join our free newsletter for daily crypto updates!