Bitcoin's Recent Surge Attributed to Supply Shock Post-Halving, Not Political Factors

According to Odaily, Jesse Myers, co-founder of Onramp Bitcoin, recently expressed on X that the recent surge in Bitcoin's value is unlikely to be primarily driven by the potential victory of Donald Trump in the U.S. elections. Instead, Myers attributes the increase to the supply shock following the Bitcoin halving event. Myers elaborated that while the prospect of a Bitcoin-friendly government might have acted as a catalyst, it is not the main factor influencing the cryptocurrency's price. He emphasized that the supply shock post-halving has been accumulating, leading to a situation where the current price is insufficient to meet demand. To restore the balance between supply and demand, prices must rise, which could result in market frenzy and bubbles. This, according to Myers, is how the current market operates.