Political candidates embrace bitcoin, signaling a new era for crypto
09/24/2024 05:04
Kamala Harris' decision to discuss crypto over the weekend is a sign of bitcoin's upcoming growth.
With political candidates like former president Donald Trump and vice president Kamala Harris both discussing Bitcoin in recent weeks, the world's top cryptocurrency is entering a historic era. This surge in interest, predicated on Bitcoin's strength as a financial asset, is preceding a period of anticipated growth for the cryptocurrency.
Bitcoin has historically shown a remarkable propensity to rally around elections, with October – labeled "Uptober" by bitcoin market optimists – often heralding the beginning of upward price action. This current moment mirrors the beginning of the dot-com era in the 2000s, given increased institutional adoption of Bitcoin and growing fundamentals, underlining the strong position of the crypto market.
The world's largest asset manager, BlackRock, has embraced bitcoin, with its spot bitcoin exchange-traded fund (ETF) emerging as one of the most popular investment vehicles for mainstream investors looking for bitcoin exposure. This convergence of political interest, institutional investment, and technological innovation suggests that cryptocurrencies, particularly bitcoin, are entering a new phase of mainstream adoption.
Historically, Bitcoin's halvings have led to substantial upside in the market, usually kicking off after the election month of November.
But the current market situation is unique. For the first time, Bitcoin has broken through a prior high before a halving event. While the market has been moving sideways, several positive factors are aligning, including the Federal Reserve's pivot in monetary policy, increased institutional adoption, and the growing fundamental strength of cryptocurrencies.
These elements suggest that the bitcoin market is well-positioned for potential growth as we head into the upcoming election season.