World famous cryptocurrency experts coinholicHe spoke exclusively to . Evaluating the relationship between the US presidential elections and Bitcoin, BitBoy (Ben Armstrong), Michael van de Poppe and Ali Martinez listed their expectations for the market.
The crypto market is keeping an eye on the US elections. Voting in the USA will end today and the votes will be counted. In public opinion polls, the point difference between presidential candidates Donald Trump and Kamala Harris has decreased to almost zero. It is expected that the winner of the elections will be determined by the results from the swing states, where both Democrats and Republicans are assertive. The swing states in question are: Pennsylvania, Georgia, Arizona, Nevada, Michigan, North Carolina and Wisconsin.
In the US presidential elections, it is not the candidate who receives the most votes, but the candidate of the party that sends the highest number of delegates to the Electoral College. For example, in the 2020 elections in which Donald Trump and Hillary Clinton competed, Trump won the presidency, although Clinton received 3.5 million more votes than her opponent.
The US election process will end on January 20 when the new president takes office.
“If Harris comes, we may face strict rules”
It is expected that there will be upward movement in the market with the possible victory of Donald Trump, who has recently attracted attention with his Bitcoin and crypto-friendly statements and has the open support of the crypto industry. In other words, the market is dominated by the idea that if Trump wins, Bitcoin will break a record.
Crypto analyst Ben Armstrong, known as BitBoy, said: There is definitely a correlation between the price of Bitcoin and Trump’s chances in the election. Investors seem to think a Trump win would be a green light for crypto” he said.
Stating that strict rules could be applied to the sector if Harris wins, Armstrong argued that investors should follow the processes in a “wait and see” manner. Armstrong noted:
“The market will respond to whatever policies they put on the table.”
Additionally, Armstrong stated that the large inflow of money flowing into spot Bitcoin ETFs will increase confidence and bring clarity across crypto regulations.
“Bitcoin will chart its own path regardless of election results”
The impact of the US elections on crypto is more intricate than ever before. As a matter of fact, Harris’ catch-up with Trump in the polls was not welcomed by the market and caused the price of Bitcoin to fall. So much so that with the last decline, nearly 500 million dollars were liquidated from the market.
While the crypto market is preparing for possible election scenarios, another world-renowned analyst, Ali Martinez, coinholicHe made special statements to .
“ Bitcoin is influenced by broader market dynamics and investor sentiment. Given this historical context, it is reasonable to predict that BTC may continue its growth trend following the current election cycle.“
Martinez emphasized that Bitcoin showed resilience and growth following the US presidential elections. The analyst reminded that after Trump’s victory in 2016, the BTC price increased from $ 700 to $ 20 thousand. A similar scenario occurred in 2020 after Biden won. During Biden’s win, the BTC price reached an all-time high of $69,000.
Martinez stated that Bitcoin should be evaluated in a broader perspective rather than specific political consequences.
On the other hand, Martinez stated that the media interest in the US elections is temporary and that this interest will decrease in the coming weeks.
https://twitter.com/ali_charts/status/1853393000849662268
“According to Google Trends, increased media interest in the US presidential election is expected to be temporary and likely diminish over the next three weeks.”“Historically, search trends show that interest peaks on election day and when a new president is inaugurated in January,” Martinez said. But beyond these major events, public interest tends to wane as attention shifts to other news topics.”
“No matter who wins, strong entries will continue”
On the decentralized prediction platform Polymarket, Donald Trump’s chance of winning the elections is shown as 62 percent. The rate in question is calculated by the number of users making predictions. However, it is worth remembering that the “predictions” made here are far from reflecting the actual election results.
As a matter of fact, another famous name who spoke to Coinkolik privately, MN Consultancy founder Michael van de Poppe, also has the same opinion. Emphasizing that Polymarket data does not reflect the truth, van de Poppe argued that the market does not follow the data on this platform. The famous name of the crypto industry attributed the recent declines in the market to potential sales by investors who did not want to take risks during the election period.
Arguing that the elections will not affect the positive outlook in the market, van de Poppe said:
“ No matter who wins, I expect market penetration to continue strong. I assume that the inflow will gain momentum, especially with the FOMC meeting at the end of this week, and we will see an increase in both November and December that will most likely bring a new ATH for Bitcoin in USD terms.“
