Bitcoin's Price Expected To Benefit From US Presidential Election

According to Cointelegraph, Bitcoin’s price is anticipated to benefit from the upcoming United States presidential election, regardless of the outcome, as per CK Zheng, chief investment officer of ZX Squared Capital. Zheng highlighted that both Republican and Democratic parties have not adequately addressed the increasing US debts and deficits, which could be favorable for Bitcoin, especially after the election. Historically, Bitcoin has seen significant gains in the fourth quarter, particularly during years with Bitcoin halving events. CoinGlass data indicates that Bitcoin has rallied more than 50% six times since 2013 in the fourth quarter. The last halving event in 2020 saw Bitcoin surge 168% in the fourth quarter, coinciding with the US presidential election that year. Zheng expects Bitcoin to reach a new all-time high in Q4 or shortly thereafter. Samantha Yap, CEO and founder of Web3 PR firm YAP, noted that the retail interest surge across the crypto industry following Bitcoin rallies is often more significant than the price increases themselves. Media attention typically follows retail interest, creating a media frenzy. Yap hopes that during these moments, more usable and accessible applications will be available for newcomers to adopt. Zheng also mentioned that the Federal Reserve’s aggressive 50 basis point interest rate cut could be bullish for Bitcoin and other risk-on assets if the US economy achieves a soft landing. Central banks aim to prevent the economy from overheating and experiencing high inflation without causing a downturn. If successful, Zheng expects Bitcoin’s price to correlate closely with the NASDAQ. Currently, Bitcoin is trading at $64,400, down 2% over the last 24 hours.