$BTC As the US presidential election enters its final stages, BTC volatility has further intensified. After surging past $70,000 yesterday and immediately dropping down to $68,000, it quickly surged again this morning, briefly breaking its ATH and reaching a new high of $75,000.
Today, the vote counts from various states will gradually conclude, and later, the next president of the United States will be announced, whether it is Trump or Harris.
The mainstream view is that regardless of who wins the presidential election, nothing can stop the arrival of a 25-year bull market. Bitwise's Chief Investment Officer Hougan believes that in the short term, Trump's ultimate victory in the presidential election will have a positive direct impact on cryptocurrency. He has promised that once in office, he will fire the SEC chairman Gensler, who is clearly unfriendly to cryptocurrency, and not only will he not sell any BTC held by the government, but he will also purchase a large amount of BTC and designate it as a strategic reserve for the US government. On the other hand, if Harris wins, it will bring more uncertainty. Harris's new administration is likely to continue the Biden administration's stance on cryptocurrency, and altcoins will face stricter regulatory risks. However, in the long run, regardless of who ultimately occupies the White House, it will not be enough to change the direction of the cryptocurrency wave. From the continuous influx of institutional investor funds into spot ETFs to the rapid growth of stablecoins, and the increasing attention that top-tier consortiums around the world are giving to including BTC in their asset allocations, these established trends will not be reversed due to any president's intervention.
Every time the US presidential election concludes, the market typically returns to its rhythm shortly after a brief period of volatility, as can be seen from the historical records in Figure 2. So even if Harris is elected, BTC may indeed experience a significant pullback, but this does not affect our view that a major bull market will definitely arrive next year. And if Trump is elected, next year's bull market landscape will be even more splendid. 🎉