30s Summary

Bitcoin (BTC) has hit a record high, surpassing 100,000 Canadian dollars. Dean Skurka, CEO of digital currency firm WonderFi, predicts a further rise in Bitcoin’s value due to Canada and the US’s rate cuts and the upcoming 2024 US Presidential election. Lower interest rates globally will draw more investment into the digital asset ecosystem, says Skurka. He also notes Bitcoin’s rise is not solely dependent on the 2024 Presidential election’s outcome but also driven by Bitcoin ETF inflows, indicating increased interest from large institutional investors.

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Bitcoin, or BTC for short, has recently reached an all-time high, with its value surpassing 100,000 Canadian dollars. Dean Skurka, who is the boss of WonderFi, a company dealing in digital money stuff, thinks that the value of Bitcoin will keep climbing for the next 6 to 24 months because of interest rate cuts in Canada and the United States and the upcoming 2024 US Presidential election.

Skurka had a chat with a news website called Cointelegraph and explained that because Canada’s bank decided to lower interest rates by 50 points, and because the US Federal Reserve continues to lower rates, a lot more people and big companies will start pouring money into the Bitcoin market.

Skurka pointed out that these lower interest rates are not unique, they’re actually part of a worldwide trend. He said, “As the rest of the world continues to enter into lower interest rate environments as well, that’s going to create a really exciting opportunity for the digital asset ecosystem to grow and attract even more interest from retail buyers.”

According to Skurka, just the anticipation of lower interest rates is enough to make people more optimistic and likely to invest their money in the short term. It usually takes between 6-18 months after interest rate cuts are announced for all the new money to actually make its way into the markets.

The boss of WonderFi also noted that the 2024 US Presidential election will have a big effect on Bitcoin’s price. The general feeling is that if Trump wins, it would be good for cryptocurrency, whereas a potential win by Harris might shock Bitcoin’s price in the short term.

Despite the uncertainty about who might win, Skurka doesn’t think it’ll make much of a difference in the long run. He said, “The net result of all these lobbying efforts should create a more positive and friendly environment for Bitcoin, no matter who ends up winning the election.”

Lastly, according to Skurka, when you put all these factors together with the high amount of Bitcoin ETF inflows (which shows that big institutional investors are really interested in Bitcoin), it creates a “very positive setup” for Bitcoin over the next few years.