Bitcoin doesn't need Washington to succeed: Bitwise CIO on election
Bitcoin (BTC-USD) momentarily peaked above $73,000 on Tuesday — near record highs — as the US presidential election is just days away. However, investors are concerned about how the outcome could impact the cryptocurrency market, depending on whether former President Donald Trump or Vice President Kamala Harris emerges victorious. To provide insight on this topic, Bitwise Asset Management chief investment officer Matt Hougan joins Catalysts. "I think the most important thing for bitcoin is that the election happens," Hougan states. He explains that "regardless of a Trump win or a Harris win, the regulatory setting for bitcoin is improving, and I think that's what you're seeing reflected in the price." Hougan remains optimistic about bitcoin's long-term trajectory, expressing his belief that the cryptocurrency will climb above the $100,000 level. However, he notes that the regulatory environment resulting from the presidency could have a more significant impact on other altcoins in the cryptocurrency space. Standard Chartered head of crypto research Geoff Kendrick told Yahoo Finance in September that a Trump victory on Election Day could even push bitcoin as high as $125,000 by 2024's end, according to his own forecasts. As for a potential catalyst for bitcoin, Hougan points to institutional adoption. "That means higher prices," he states, noting that increased involvement from major financial institutions could drive further gains in 2025. Bitwise manages several of its own spot bitcoin and crypto industry ETFs (BITB, BITQ, BITW, BITC). To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Angel Smith
