Will Bitcoin Prices Collapse If Donald Trump or Kamala Harris Wins the US Election?

Bittime - Bitcoin prices are approaching record highs, just as the US Presidential election is approaching. Currently, Bitcoin's value is holding strong at around $73,000. Traders in the crypto market are speculating how the election results between Donald Trump and Kamala Harris will affect the future of this cryptocurrency. 

High enthusiasm for this election creates hope among investors. They assume that the election results, whoever the winner, will have a big impact on the price of Bitcoin. 

Will a Trump or Harris victory push Bitcoin prices up or cause them to plummet? The following is a detailed review.

What Happens to Bitcoin If Trump Wins?

This year, former President Donald Trump emphasized his position as a pro-crypto candidate. In fact, he accepts campaign donations in various cryptocurrencies, including Bitcoin, Ether, and Dogecoin. 

Trump promises greater support for cryptocurrencies. He also committed to removing SEC Chairman Gary Gensler on the first day of his term if re-elected. 

Gensler has long been considered too strict in supervising the crypto industry, so Trump's statement is a breath of fresh air for crypto fans.

Furthermore, Trump also proposed the creation of a national Bitcoin reserve, an ambitious move that sparked huge interest among the crypto community. Although the details of this plan are not yet clear, the promise makes many people believe that Trump's leadership could send Bitcoin prices skyrocketing. 

This is especially true if the US government starts holding Bitcoin as an official asset. In an interview with Quartz, Chandra Duggirala, CEO of the Portal To Bitcoin Platform, stated that Trump's victory could encourage wealth managers to recognize Bitcoin as a valuable asset. 

This will accelerate Bitcoin adoption in traditional financial portfolios and drive Bitcoin prices higher. 

It is believed that Trump's victory could have a major impact on Bitcoin in the short term and even increase global demand. This is if the United States paves the way for the integration of Bitcoin into mainstream finance.

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What Happens to Bitcoin If Harris Wins?

In contrast, Kamala Harris has expressed a more cautious view towards cryptocurrencies. Harris recently called for tighter oversight of the crypto market, with the goal of protecting consumers and maintaining financial stability. 

Many observers believe that Harris' victory could cause a decline in Bitcoin prices. At least, in the short term, as concerns about tighter regulations grow.

Duggirala explained to Quartz that Harris is expected to continue the current administration's economic policies. The measure emphasizes fiscal spending and progressive taxes. 

This move, along with inflationary pressures and tighter supervision of the crypto market. This could make Bitcoin even more attractive to investors looking for a hedge in an uncertain economic situation. 

“In an environment of high inflation, Bitcoin's limited value may make it a top choice for those looking to protect their wealth,” Duggirala said.

Even though it is more likely to experience a price correction in the short term, Harris' victory could open up opportunities for a rebound in Bitcoin prices as investors' interest in alternative assets such as Bitcoin increases amid economic uncertainty.

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What if the election results are disputed?

With surveys showing a tight race between Trump and Harris, many expect a dispute over the election results. Prolonged uncertainty like this often triggers higher volatility in the market. 

This condition is often exploited by derivative traders to gain profits. According to Duggirala, in situations like this, Bitcoin can show sharp price movements and attract many traders who want to capitalize on market fluctuations.

History records that Bitcoin futures and options trading volumes increase drastically during periods of economic uncertainty, such as those seen in late 2020 to early 2021. In an election situation filled with controversy, this opportunity for volatility makes Bitcoin an attractive asset for experienced traders.

Conclusion

Both Trump and Harris' wins in the US election this time will have a big impact on Bitcoin prices. These are potential different moves depending on each candidate's policies. 

For Trump, his pro-crypto stance could trigger a short-term price spike. Meanwhile, Harris, although more conservative, could encourage interest in Bitcoin as a long-term hedge. 

Amidst the uncertainty of a potentially fierce election, Bitcoin investors need to prepare for increased price volatility. This article is not financial advice; Investors are advised to always do research before making an investment decision.

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