Bitcoin to hit six figures regardless of who wins US election, Swan Bitcoin says

Despite the partisan divide in the crypto space, many investors believe Bitcoin will reach six figures regardless of the outcome of the US presidential election.

Bitcoin (BTC) is expected to reach six figures in the long term regardless of who wins the US presidential election, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin.

Amid increasing political polarization in the crypto space, many investors now believe Bitcoin will continue to thrive, even as optimism from former President Donald Trump’s pro-crypto statements fades. In an interview with CNBC, Lubka said he still “absolutely” believes Bitcoin will break the $100,000 barrier by 2025.

“Do I think we’ll get to six figures, no matter who wins? Almost certainly.”

Steven Lubka, head of private clients and family offices at Swan Bitcoin

Concerns that a Kamala Harris presidency could send Bitcoin’s price crashing are likely overblown, says James Davies, co-founder of Crypto Valley Exchange.

He noted that crypto startups may face challenges under such a scenario, but the broader industry would still thrive. Davies also emphasized that Bitcoin is a global commodity, with its price driven by macroeconomic forces rather than local political events, adding that crypto “will need to lobby both sides, align with both sides, and succeed regardless of the election.”

Following the September 10 debate between Donald Trump and Kamala Harris, the odds are now even on prediction platform Polymarket, with both candidates giving them a 49% chance of winning. Trump had previously seen his odds rise to 72% after attending the Bitcoin 2024 conference in Nashville in July, sparking optimism among pro-crypto voters, Crypto.news reported.

The debate triggered bearish momentum in the crypto market, with the global crypto market cap falling by almost 2%. Despite election speculations, analysts agree that Bitcoin’s price will be more influenced by macroeconomic trends than political events.