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Matthew Sigel, digital assets research chief at VanEck, has stated that the US Presidential elections could impact Bitcoin, observing a pattern from last year when Bitcoin did well post-elections. Bitcoin’s price increased past $69,000 on October 28, just before the elections. It’s also noted that the favourite to win, Donald Trump, has voiced his support for cryptocurrency. Regardless of the election outcome, Paul Tudor Jones, a hedge fund manager, thinks inflation will favour Bitcoin. VanEck predicts Bitcoin may be worth $2.9 million per coin by 2050 as the future preferred trade settlement method and reserve for central banks.

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There’s buzz around Bitcoin, and the upcoming US presidential election is a big part of it, says Matthew Sigel, the digital assets research chief at VanEck. During an interview with CNBC on October 28, Sigel revealed he’s feeling quite optimistic. Why? Well, Sigel noticed a pattern repeating from last year when Bitcoin rallied wildly just after the election results were announced.

Bitcoin’s price soared past $69,000 on October 28, which suggests its all-time-high value could be reached again right around election time. Intriguingly, Sigel pointed out that Bitcoin’s recent jump from $57,000 to a breath-taking $70,000, correlates with better odds for Trump on betting sites.

Speaking of Trump, he’s currently the hot favorite to win the presidency, with betting sites Polymarket and Kalshi predicting his winning odds at 62% and 66% respectively. It’s worth noting that Trump has voiced his support to make America the “crypto capital of the world,” while his opponent, Kamala Harris, hasn’t spoken much on the topic.

Paul Tudor Jones, a prominent hedge fund manager, mentioned to CNBTC on October 22 that regardless of the election outcome, inflation rise will work in favour of Bitcoin and other commodities. He said, “I probably have some basket of gold, Bitcoin, commodities and NASDAQ [technology stocks] and I would own zero fixed income.”

Looking way ahead, the long-term forecast is also promising. VanEck’s predictions state that by 2050, Bitcoin could be valued at a whopping $2.9 million per coin! This is based on the idea that Bitcoin could be the future go-to for trade settlements and serve as reserves for central banks. A pretty impressive forecast from Sigel, isn’t it?

So there you have it, folks! Let’s keep our eyes peeled and fingers crossed as we approach the elections, and potentially, another big Bitcoin rally! Remember to keep up with current crypto news to stay informed.

Source: Cointelegraph