Originally published on: October 28, 2024
The current performance of Bitcoin is painting a promising picture for the digital asset ahead of the upcoming United States presidential election in November, according to Matthew Sigel, head of digital assets research at VanEck. In an interview with CNBC on October 28, Sigel expressed optimism about Bitcoin’s bullish setup amidst the political uncertainty surrounding the election.
With Bitcoin breaking the $69,000 mark on October 28, there is a potential push towards reaching all-time highs leading up to the elections. Sigel noted that Bitcoin has seen a 100% increase in value over the past year, with the recent surge from $57,000 to nearly $70,000 being associated with President Trump’s improving odds on betting websites.
The betting platforms Polymarket and Kalshi currently favor Trump to win the presidency, with odds ranging between 62% and 66% as of October 28. Trump, who has expressed his desire to make America “the crypto capital of the world,” is viewed as the more crypto-friendly candidate compared to his opponent, Democrat Kamala Harris.
Regardless of the election outcome, hedge fund manager Paul Tudor Jones believes that Bitcoin and other commodities will benefit from rising inflation. Jones outlined his investment strategy on CNBC’s Squawk Box, emphasizing his preference for assets like Bitcoin, gold, commodities, and technology stocks over fixed income.
Looking towards the future, VanEck envisions Bitcoin potentially reaching $2.9 million per coin by 2050 due to the increasing demand for the decentralized currency as collateral for trade settlement and as a reserve asset for central banks. According to Sigel, the long-term model developed by VanEck suggests that Bitcoin could become a key player in global trade and central bank reserves within the next three decades.
As the election date approaches, the excitement and uncertainty surrounding Bitcoin’s trajectory continue to grow, making it an asset to watch in the coming weeks. Subscribe to our newsletter for more market insights and investment opportunities.
