Who Will Be More Beneficial For Bitcoin?

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.

As the US presidential election nears its conclusion, crypto enthusiasts are speculating on the impact of the candidates' victories on the Bitcoin (BTC) price.

Both candidates are courting the 'crypto voting bloc,' with a significant proportion of voters more likely to support a candidate with a pro-crypto stance.

Bitwise CIO Matt Hougan stated 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.”

Bitcoin Price Awaits New ATH Attempt

At the time of writing, BTC trades at $70,840, aiming for another attempt at reaching a new ATH. Despite the several attempts in the past, BTC has failed to sustain the levels.

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.

That said, weekly charts show BTC attempting several runs past its ATH, only to drop each time.