Could a Trump 2024 Win Drive Bitcoin to $92,000? This Bitwise Exec Believes So
Bitcoin could soar to $92,000 if former President Donald Trump wins the 2024 presidential election, according to Matt Hougan, chief investment officer of Bitwise Asset Management.
Hougan said that Trump's policies, such as tax cuts and deregulation, would be positive for the cryptocurrency market. He also said that Trump's victory would create uncertainty in the market, which could lead to increased demand for Bitcoin.
Hougan's comments come as the cryptocurrency market is in the midst of a bear market. Bitcoin has fallen by more than 70% from its all-time high of $69,000 set in November 2021.
Some analysts believe that the bear market is a result of the Federal Reserve's interest rate hikes. Others believe that it is a result of the collapse of the TerraUSD stablecoin and the Three Arrows Capital hedge fund.
Despite the bear market, Hougan remains bullish on Bitcoin. He said that he believes that Bitcoin is a long-term store of value and that it will eventually reach $1 million per coin.
Here are some of the reasons why Hougan believes that Trump's victory would be positive for Bitcoin:
- Trump's policies would reduce taxes and regulations, which would make it easier for businesses to invest in Bitcoin.
- Trump's victory would create uncertainty in the market, which could lead to increased demand for Bitcoin as a safe haven asset.
- Trump is a supporter of Bitcoin and has said that he believes it is a "great investment."
It is important to note that Hougan's views are not shared by all analysts. Some analysts believe that Trump's victory would be negative for Bitcoin.
They argue that Trump's policies would lead to increased inflation, which would erode the value of Bitcoin. They also argue that Trump's victory would increase the risk of a trade war with China, which could hurt the global economy and reduce demand for Bitcoin.
