Quote from: d5000 on September 12, 2024, 09:49:48 PM

Some folks are really obsessed with the US election. I can understand it partly because Trump, as the first candidate ever in US election history (afaik) has taken a very pro-crypto stance.

But that doesn't mean that Bitcoin will not be fine if Kamala Harris wins. Even if she didn't reveal her stance on crypto/Bitcoin (yet) and is likely to continue the Biden approach which is more skeptical to "crypto", above all altcoins.

For those reasons:

1) Even in Biden's "anti-crypto" tenure Bitcoin has done well. Not only did the price rise, but ETFs were approved, even for Ethereum.

2) The US are already a leading Bitcoin/crypto country. They don't need Trump for that. In the mining sector, they are "the" single leading country. There are also several exchanges in the country. At least ~50 million American people hold crypto according to estimations.

3) Altcoins are far more affected by the SEC policy than Bitcoin. The SEC's actions under Gensler were mostly directed to altcoin exchanges, the "staking" business (which is not even really PoS-style staking but often a ponzi-like construction of some exchanges) and DeFi projects which are not really decentralized, like Uniswap.

4) The US are only 4% of the world population. Bitcoin is a global currency. In addition, as shown above, in the US population crypto has already a high adoption (almost 20% of the population having already bought or held crypto). The potential for future price growths lies mainly outside the US where adoption is often still much lower, even in rich countries in Europe for example.

These "projections" that Bitcoin will fall to 30.000 or so if Harris wins are, in my opinion, completely baseless and overestimating the US influence on Bitcoin.

Discuss & Disagree

This gives an insight into how results in the US election will form Bitcoin and the cryptocurrency market. Although Biden's administration is just a little reluctant towards encryption, so far, so good, the Bitcoin is in the boom. Even during such critical events like giving approval to ETFs of Bitcoin and Ethereum, it proves that the growth and strength of Bitcoin are independent of US politics. US remains the top player in the crypto space, which, with high infrastructure and rates of adoption, proves itself as an at-vanguard. Such momentum alone, however, does not determine Bitcoin's fate. The regulatory probe by the SEC impacts altcoins and DeFi projects more than Bitcoin itself, as Bitcoin is somehow more stable and stable. Apart from this, the international nature of Bitcoin suggests that its value and adoption hinge upon many global issues outside U.S. politics, hence the idea that the price of Bitcoin could plummet in case Kamala Harris wins the presidency. It seems to add up the international appeal of Bitcoin and its ability to improve independently of specific U.S. political events.

Quote from: stadus on September 15, 2024, 09:58:42 PM

Quote from: CoinFoxs on September 15, 2024, 09:48:13 PM

Some people say on forum saying bitcoin will be dropped to 30k usd if kamala wins and the price of bitcoin will be 90K usd if trump wins the election but in my opinion there will be no huge impact of that election to bitcoin price. As you said bitcoin will be fine irrespective of US election.

I do agree on you. Bitcoin will drop nor pump its price due to its high volatility, and not because of the result of US election. Although some analysts have predicted that Trump will create a big pump on bitcoin if ever he'll win the election, maybe just a minor effect and after the hype is gone, Trump won't never a big deal already to bitcoin.

However, if Harris will win, still bitcoin won't be drag to its bottom price. Bitcoin will always be fine, with or without Trump or Harris that are hyping bitcoin.

In fact Bitcoin's unmatched flexibility means that its price movements are influenced by many factors that includes political results. Meanwhile Trump's victory may temporarily slow Bitcoin prices and this is due to his strong belief in supporting cryptocurrencies. Yet, the influence is not supposed to be short-term and market sentiment-driven but instead long-term fundamentals-based.

In the event Kamala Harris wins the election, there will be no price drop in Bitcoin as correctly noted by you. The strength and stability of Bitcoin are rooted in the general global adoption. The technological development and market changes rather than through any politician. It is the complex interplay of factors from around the globe which decides the value of Bitcoin and just remains firm and stable, regardless of who leads the world politically. This will result from the influence of one individual : whether that happens to be Donald Trump or Kamala Harris. Of course, is unlikely to have a material impact on the long-run performance of Bitcoin.