Bitcoin may hit $80K if crypto ‘animal spirits’ awaken, says Bitwise CIO
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Bitwise’s Chief Investment Officer, Matt Hougan, believes Bitcoin could still reach new all-time highs of $80,000 this year but only under specific conditions. In an Oct. 9 note to investors, Hougan outlined the key factors that could influence Bitcoin’s upward trajectory, including the outcome of the US election, economic conditions, and the absence of major disruptions in the crypto space. US elections Hougan suggested that Bitcoin could climb to $80,000 if the upcoming US election results in anything other than a complete Democratic victory. While many view the election as a straightforward choice between pro-crypto Donald Trump and ‘lukewarm’ Kamala Harris, Hougan explained the situation is more complex. According to him, the Democratic party is populated by politicians with differing opinions about the emerging industry, ranging from Senator Elizabeth Warren’s anti-crypto stance to Representative Ritchie Torres’ strong support for the technology. Hougan argued that the Warren wing’s control over policy and key appointments has created a challenging environment for the crypto sector over the past four years. So, if the Democratic party does not win both the White House and Congress, he expects them to take a more neutral stance toward the industry. He stated: “To thrive, bitcoin doesn’t need politicians. It just needs them to get out of the way. And barring a Democratic sweep of both houses of Congress and the White House, I suspect they will, with the Democrats taking a more neutral approach to the industry.” Hougan shared data from the decentralized prediction platform Polymarket showing that the odds of a Democratic sweep are currently at 20%, while a Republican sweep sits at 33%. The platform also shows a 54% chance of Trump winning the presidency, a 73% likelihood of a Republican-controlled Senate, and a 62% probability of a Democratic House. Economic conditions Hougan identified further…
Filed under: News - @ October 9, 2024 3:27 pm