Will new investors and interest rate cuts propel Bitcoin higher?

09/26/2024 23:59
Will new investors and interest rate cuts propel Bitcoin higher?

Industry experts discuss how global uncertainty and political stances may influence Bitcoin's future, offering insights on market reactions and potential growth.

Amid escalating global uncertainty and market volatility, Roundtable anchor Rob Nelson, David Gokhshtein, Founder of Gokhshtein Media, and Sue Ennis, Head of Investor Relations at Hut 8, offer their perspectives on Bitcoin's trajectory.

Together, they delve into how geopolitical events, interest rate decisions, and political stances could shape the future of the leading cryptocurrency.

"Bitcoin in particular has always been an interesting barometer around uncertainty," remarked Roundtable anchor Rob Nelson. "When the TradFi markets were tumbling, why was Bitcoin tumbling? And I'd argue, well, because the world was in chaos and Bitcoin was reacting to the chaos, same as anything else."

David Gokhshtein shared his optimistic outlook on the market's potential upswing: "If you look at the disbelief stage of the markets, I believe in my humble opinion, that it pops off... within the next few months, we shall see the markets start to rip upwards." Commenting on the Federal Reserve's actions, he added, "I'm not really interested in them because I think the feds have missed the boat and they overshot the runway."

Sue Ennis highlighted the influx of new investors entering the bitcoin market due to recent regulatory changes. "There's a plethora of RIAs in the U.S. that were only just authorized... to be able to buy their investors things like spot bitcoin ETFs in the past couple months," she noted. "Being able to deploy cash that has normally not been allowed to even place the trade... I think is going to make an impact as well."

Addressing the political landscape, Gokhshtein commented on Vice President Kamala Harris's stance: "Well, we know what Harris's position is... they're anti-crypto. They don't understand it. They don't want to understand it."

He contrasted this with his views on former President Donald Trump, saying, "I believe he's a straight shooter... He understands it. He has people like JD Vance, Vivek, who understand, especially RFK Jr., who understand bitcoin. They will make Bitcoin really good in America again."

Vice President Kamala Harris has increasingly voiced a desire to reset relations with crypto companies. Some in the industry are skeptical and say changes at the anti-crypto Gary Gensler-led SEC would be needed to believe a break from President Biden's policies.

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