The growing interest in cryptocurrencies and the evolution of the ecosystem suggest that the market will remain on a long-term bullish trajectory. The importance of regulation and political debate in the perception and value of Bitcoin is highlighted.
Donald Trump won the US elections and a bullish scenario is expected for cryptocurrencies. Donald Trump obtained 277 of the 270 electoral votes necessary to gain a significant advantage over Kamala Harris. For the cryptocurrency industry, an optimistic scenario opens up, especially for the future of crypto assets in the US.
Trump made the cryptocurrency industry his workhorse in the presidential race. The Republican made important promises that filled the market with expectation: from the strategic reserve of Bitcoin, to support for the mining of that cryptocurrency and the dismissal of Gary Gensler, current president of the Securities and Exchange Commission (SEC), who was reluctant to approve initiatives involving the crypto market.
“It is necessary to see that he can translate into concrete issues the campaign promises he made regarding Bitcoin. On the one hand, he said that the US is not going to sell what it has, today it has 200,000 Bitcoins. He also promised that people will have custody of their Bitcoins and will seek to develop the crypto industry in the US and prevent it from being taken over by China. Today the US is the leading power in the world in mining, but it intends to target it until it reaches 40% or 50% – from the current 39%. For the industry this brings many expectations.“he explained Iñaki Apezteguiaco-founder and Fundamental Analyst of Crossing Capital a Scope.
How can it impact the price of Bitcoin?
This Wednesday, with the victory of the Republican, Bitcoin climbs 8.2% and exceeds US$74,000. According to Fiwind analyst Ramiro Rodríguez, a crypto-friendly government “could create a more conducive environment for Bitcoin adoption” and decisions related to economic policy—such as inflation, interest rates, and fiscal policies. —could also affect the perception of this asset as a haven of value.
“Reductions in interest rates They usually have a positive effect on the price of Bitcoin, as investors tend to look for riskier assets to obtain higher returns. We believe that a Trump administration could boost industry growth by minimizing regulatory barriers,” Rodríguez said.
Apezteguia Remember that when Bitcoin is in this unexplored price zone, no one knows exactly how far it can go. The strategist explains that we have to wait to see if this is enough of a boost for Bitcoin to seek to break $80,000 or $90,000, and even $100,000 in the coming weeks.
However, the strategist remembers that January 20 will be the inauguration of the new US president, “so there is time for Bitcoin to mature this bull market and all these positive effects on the market will manifest.”
News in development.-
Source: Ambito
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