- Bitwise CIO believes Bitcoin’s long-term growth is independent of election results.
- Altcoins could see accelerated growth if Trump wins the presidency.
The clock is ticking on the U.S. election. With just four days to go, Bitcoin’s [BTC] price is already experiencing a remarkable surge, just 2% away from its ATH at press time.
However, the question on everyone’s mind now is: how will the election outcome impact the future of Bitcoin and the broader cryptocurrency industry?
Well, in a recent interview with Yahoo Finance, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, encapsulated the anticipation, noting,
“I think the most important thing for Bitcoin is that the election happens.”
He emphasized that regardless of whether Donald Trump or Kamala Harris secures a victory, the regulatory environment for the king coin is steadily improving—a factor likely influencing recent price movements.
The Trump advantage
The CIO acknowledged that while a Trump victory won’t entirely change BTC’s prospects, it can accelerate its growth. He remarked,
“In the short term crypto favors a Trump victory over a Harris victory but really Bitcoin doesn’t need Washington to succeed.”
The exec pointed out that institutional interest, increasing exchange-traded funds (ETFs) inflows, and rising adoption are poised to propel BTC to new heights.
Recently, AMBCrypto reported that the Bitcoin ETF inflows hit a five-month-high. This highlighted strong demand as investors grow more confident in the asset’s long-term potential.
Trump’s win is a win for altcoins
While Bitcoin seems well-positioned regardless of the election, Hougan predicts a substantial altcoin rally if Trump wins.
He expressed optimism, saying,
“We’re going above $100,000 on Bitcoin.”
Hougan said that Bitcoin benefits from a defined regulatory status as a commodity under the SEC and CFTC. ETFs add a layer of confidence.
However, many altcoins still face ambiguous regulatory treatment. The exec believes in a shift of SEC leadership under Trump.
This shift could clarify regulations, spurring institutional adoption and driving growth in the altcoin market.
Supporting this view, an analysis from Galaxy Digital suggested that altcoins might outperform under Trump and face heightened regulatory risks with a Harris victory.
In addition, a Bloomberg survey similarly indicated that a Trump administration might favor investors and the crypto market, while a Harris administration could lean more towards housing policy reform.
Path to $200,000 for Bitcoin
Amid the ongoing political and crypto discussions, Hougan also addressed a critical debate on X (formerly Twitter) explaining why Bitcoin doesn’t require a dollar collapse to reach $200,000.
According to him, Bitcoin’s potential as a “store of value” and its appeal amid fiat devaluation are key drivers of its growth.
Source: Matt Hougan/X
The exec noted that if BTC matures as an institutional asset and the “store of value” market expands, it could surpass a seven-digit valuation.
As the election nears, regulatory clarity, institutional interest, and Bitcoin’s growing appeal suggest a promising future for the cryptocurrency.
Source: https://ambcrypto.com/is-a-dollar-collapse-required-for-bitcoin-to-hit-200k-bitwise-cio-explains/