Claim $500US Election Not Likely To Impact Bitcoin Rally, VanEck Exec Says
Highlights
- VanEck's Matthew Sigel disputes Bernstein's report on the US election's impact on Bitcoin.
- Sigel believes Bitcoin's performance is driven by market sentiment, not election outcomes.
- He predicts that Kamala Harris's victory could aid Bitcoin to outperform.
VanEck Head of Digital Assets Research, Matthew Sigel has debunked recent claims of Bernstein that the upcoming US election will have a direct impact on Bitcoin. This contrasting comment that dismisses the potential influence of the US Presidential Election 2024 on the BTC rally, has sparked investors’ interest. Interestingly, Sigel pointed out that the flagship crypto is poised to “outperform” if Kamala Harris secures victory in the election against Donald Trump, fueling market discussions.
VanEck Exec Dismisses US Election Impact On Bitcoin Rally
The latest research report from Bernstein suggests that the upcoming US Presidential Election in 2024 could significantly impact Bitcoin price. It has projected a volatile path depending on the victory between Donald Trump and Kamala Harris.
According to the report, if Kamala Harris secures victory, Bitcoin could dip to as low as $30,000, reversing gains it has witnessed since Bitcoin ETF momentum in 2023. Simultaneously, it predicted that a Donald Trump win could spark a Bitcoin rally to new highs, potentially reaching $90,000 by 2024 end.
However, VanEck’s Matthew Sigel refuted these claims. He argued that the performance of the flagship crypto is less about politics and more about market sentiment and investors’ confidence. In a recent X post, he stated:
“Personally, I think BTC rallies whoever wins, on the removal of uncertainty.”
Sigel said that if the Democrats win the US presidential election, it could help BTC outperform. On the other hand, a Republican victory could help altcoins to maintain their pace. In other words, he believes that a Trump win could help in a broader crypto market rally.
Donald Trump Vs Kamala Harris: What It Means For BTC?
Sigel’s comments have sparked debates, with some investors arguing that Harris’s potential victory could lead to more government spending and money printing. This move usually boosts Bitcoin’s appeal as an inflation hedge.
One social media user noted if Bernstein’s report should be the opposite. According to him, Kamala equals more government spending, leading to money printing. Sigel responded by reiterating his stance that Bitcoin is set to rally no matter the election outcome, fueled by the removal of market uncertainties.
On the other hand, the former US President’s growing influence in the crypto market also plays a crucial role in this discussion. Recently, Donald Trump positioned himself as a pro-crypto advocate, vowing to make America a leader in the digital asset sector if re-elected.
This stance has won him significant support within the crypto community, which contrasts sharply with the perceived anti-crypto sentiment associated with Harris and the Democrats. In addition, prominent figures like Ripple co-founder Chris Larsen have thrown support behind Harris, highlighting a divide in the crypto community. Larsen’s endorsement of Harris has further fueled discussions on whether her leadership could truly be beneficial for the digital asset landscape.
Meanwhile, as of writing, BTC price was up over 2.6% to $55,356, with its trading volume soaring 68% to $27.32 billion. However, a recent Bitcoin price analysis showed that the crypto could dip to $27,000, while other market trends could propel a rally in the top altcoins.
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