As the 2024 US presidential election approaches, discussions among Bitcoin supporters are increasingly focused on the potential impact of the election results on the cryptocurrency market.
Recent debates, particularly within the Bitcoin maximalist community, have revealed differences of opinion as to which candidate would be more beneficial to Bitcoin.
One of Bitcoin’s most vocal supporters, Rajat Soni, sparked the conversation by suggesting that Kamala Harris’ victory could have significant implications for Bitcoin.
According to Soni, under a Harris administration, the US dollar could undergo rapid devaluation, which he believes will lead to a shift to Bitcoin as an alternative means of transactions.
Sonia’s argument is based on the idea that as the dollar loses value, demand for Bitcoin will increase, making it a more attractive asset for those looking to preserve wealth. He also emphasized that while real estate prices may rise due to the devaluation of the dollar, Bitcoin’s growth potential may far exceed that of traditional assets.
Different views on the future of Bitcoin
Notably, some members of the Bitcoin community have expressed opposing views, with one commentator suggesting that Bitcoin would benefit greatly under Donald Trump’s leadership.
The commentator suggested that Trump’s plan, which would see the US government buy one million bitcoins for a strategic reserve, would significantly increase the asset’s value.
However, Sony answered with skepticism, doubting Trump’s commitment to such a plan, arguing that it could lead to a deliberate devaluation of the dollar.
A Tough Presidential Race
Intense speculation among Bitcoin enthusiasts is reflected in the competitive nature of the 2024 presidential race, as seen in the betting market on Polymarket.
The platform’s odds point to a tight election race, with Donald Trump and Kamala Harris almost tied in terms of winning.
According to the latest data, Trump has a slight lead with a 50% probability, while Harris is following him with a 49% probability. This small lead reflects the high stakes and uncertainty surrounding the outcome of the election, which could have far-reaching implications for the cryptocurrency market.
Analyst Predicts Bitcoin Price at $16,000 If Harris Wins
In contrast, the prospect of a Bitcoin dump under the Harris administration is also widely held. On Thursday, a prominent crypto trader gave a forecast that Bitcoin could fall to $16,000 if Vice President Kamala Harris wins the US presidential election in November.
The last time Bitcoin reached this level was during the 2022 market downturn caused by events such as the Terra collapse and FTX bankruptcy.
In essence, these forecasts highlight the influence of macroeconomic factors, including government policies, on Bitcoin, despite its decentralized nature.
