The United States election outcome won’t change the bullish trajectory of cryptocurrencies such as Bitcoin (BTC), which will likely tap $100,000 per coin regardless of which presidential candidate prevails, Dan Tapiero, founder of 10T Holdings, said on Oct. 10.
Dan Tapiero in a panel discussion at the Permissionless conference. Source: Cointelegraph
“I don’t think it really matters. Everything is going up now. The election will pass,” Tapiero said during a panel discussion at the Permissionless conference in Salt Lake City, Utah.
“Bitcoin is a proxy [for cryptocurrency generally], and I believe it will head to $100,000 relatively soon, and other [assets] will follow,” Tapiero said.
Bitcoin’s quarter-on-quarter returns since 2015. Source: CoinGlass
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The November US presidential election pits Republican presidential nominee Donald Trump — who has said he wants to make America “the crypto capital of the world” — against Democrat Kamala Harris, who has been comparatively quiet on the industry.
The US Securities and Exchange Commission (SEC) has taken an aggressive stance on alleged violations by cryptocurrency companies, leading many in the industry to see the Democrats — who currently control the White House — as anti-crypto.
Trump has promised to “fire” Gary Gensler, who currently heads the SEC.
Starting in September, Harris has upped her crypto game, listing blockchain technology among several emerging technologies where she wants the US to “remain dominant.”
On Oct. 2, Gurbir Grewal, who heads enforcement at the SEC, stepped down, possibly signaling a pivot from within the current administration.
Meanwhile, some crypto industry Trump supporters say the former US President “lost their votes” after his widely criticized debut of a Trump-affiliated crypto project in September.
Three in four crypto owners said a candidate’s crypto policy will impact how they vote. Source: Gemini
According to ZX Squared Capital’s investment chief, CK Zheng, Bitcoin’s price will benefit from the upcoming presidential election regardless of who wins.
The impact of April’s Bitcoin halving event has historically led to strong fourth quarters, and both US presidential candidates have failed to address a key issue that could play into Bitcoin’s favor, Zheng told Cointelegraph on Sept. 30.
“As both Republican and Democratic parties do not appropriately address the ever-increasing US debts and deficits during this election, this will be very bullish for Bitcoin especially post the US election,” Zheng said.
Meanwhile, blockchain technology continues to gain traction, with billions of dollars in institutional money flowing into BTC and Ethereum funds in 2024.
“This move toward putting all value on a Blockchain is bigger than one election. And so I think it [...] the tide continues and it rolls, and it’s also global,” Tapiero said.
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