Bitcoin Price Will Skyrocket Thanks to the US Elections, According to CNBC

The article, published in the Crypto World section, was written by Tanaya Macheel. Macheel is indeed a journalist for CNBC, and she deals with markets and investments with a particular focus on cryptocurrencies, since 2014.

CNBC recently published an article suggesting that the U.S. presidential election outcome may not significantly impact Bitcoin's long-term price trajectory.

The article presents a bullish hypothesis, speculating that a new bull market could emerge after the elections, potentially driving Bitcoin's price above $100,000.

CNBC journalist Tanaya Macheel, who covers markets and investments with a focus on cryptocurrencies, penned the piece.

Macheel, who joined CNBC in 2014, frequently contributes articles to CNBC.com and appears on the network's daily digital show, "Crypto World."

The article cites statements made by Steven Lubka, head of private clients and family offices at Swan Bitcoin, regarding his belief that Bitcoin's price will likely exceed $100,000 by 2025, irrespective of the election results.

Macheel begins the article by asserting that Bitcoin is poised to thrive in the long term, regardless of who wins the U.S. presidential election in November, a view that is reportedly gaining traction among crypto investors.

She suggests that while a Trump victory may provide a short-term boost to crypto markets, a Harris win might not have an immediate positive impact, but the differences could narrow over the medium to long term.

Lubka expresses his optimism, stating that he doesn't believe either candidate can change Bitcoin's fundamentals, which are rooted in the fiscal and monetary health of nations, particularly the United States.

The article also includes perspectives from other experts who share a generally positive outlook on Bitcoin's future price trajectory.

For instance, James Davies, co-founder of the trading platform Crypto Valley Exchange, downplays concerns that a Harris presidency could hinder Bitcoin's price growth or even lead to a decline.

Davies suggests that while the crypto sector as a whole may face challenges, this could have only a marginal impact on BTC's medium- to long-term price trend.

According to Lubka, some exaggerate the risks posed by a potential Harris presidency, especially given the hostility experienced by the sector during the Biden administration.

However, he notes that Harris's態度 towards crypto appears to be signaling a shift away from the Biden era's contrarian rhetoric.

An aspect not covered in the article but potentially relevant to both the escalation and de-escalation is the involvement of several Democratic politicians in the FTX case.

Sam Bankman-Fried, founder and former CEO of FTX, donated heavily to Democratic candidates, using funds reportedly belonging to FTX users.

FTX filed for bankruptcy in November 2022, and SBF was subsequently arrested and charged.

The escalation in the administration's stance on cryptocurrencies began shortly after and may have contributed to the recent easing of tensions following SBF's conviction.

According to Tyrone Ross, founder and president of investment advisory firm 401 Financial, the U.S. presidential election results will have a negligible impact on Bitcoin's performance over the next 12 to 18 months.

Lubka adds that a Trump victory could trigger an immediate surge, while a Harris win might initially amplify selling pressure, but these effects would diminish over the medium term.

notably, Bitcoin's price has risen from around $35,000 when Biden took office in January 2021 to the current $58,000, despite the administration's sustained efforts to target the crypto sector.

Macheel highlights that Bitcoin has been the best-performing asset in all but three years since 2012.

Daniel Cawrey, head of strategy at crypto wallet operator Tonkeeper, anticipates a recovery in the crypto market, fueled by the election's role in bringing cryptocurrency to the forefront of public discourse.

He adds that Harris, unlike Biden, has engaged with crypto stakeholders since becoming the Democratic candidate and adopted a non-interventionist approach towards cryptocurrencies.

Therefore, while the U.S. presidential election outcome on November 5 could temporarily impact Bitcoin's price, its long-term trajectory is likely to unfold independently of these political dynamics.

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