Originally published on: November 02, 2024
Bitcoin recently soared to over 100,000 Canadian dollars, setting a new all-time high. Dean Skurka, the President, and CEO of WonderFi, a digital financial services company, predicts that macro factors in Canada and the United States are favorable for further price increases in Bitcoin over the next 6-24 months.
Skurka believes that the recent interest rate cuts by the Bank of Canada and the US Federal Reserve, along with the upcoming 2024 US Presidential election, will drive more investors, both retail, and institutional, to enter the Bitcoin market or increase their existing positions.
The Bank of Canada’s decision to reduce interest rates by 50 basis points and the Federal Reserve’s continued rate cut program initiated in September 2024 signal a trend in global monetary policy. Skurka emphasized that these cuts, combined with the expectation that rates will not rise soon, create optimism among investors, although the effects may not be seen in the markets for another 6-18 months.
Skurka also pointed out the potential impact of the 2024 US Presidential election on Bitcoin’s price. While a Trump win is anticipated to be beneficial for crypto, a Harris victory could lead to short-term volatility. Nonetheless, Skurka asserts that regardless of the election outcome, Bitcoin’s price is likely to rise in the long term, expecting regulatory changes in the US crypto market post-election due to advocacy group influence.
In addition to these factors, the influx of Bitcoin ETF investments signifies enduring institutional interest in the cryptocurrency, setting a positive trajectory for Bitcoin’s price in the coming years according to Skurka.
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