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The U.S. presidential election may dominate the headlines, but according to Dan Tapiero, founder of 10T Holdings, it won’t change the bullish trajectory of Bitcoin and other cryptocurrencies.
Speaking at the Permissionless conference in Salt Lake City on October 10, Tapiero predicted that Bitcoin would reach $100,000 per coin soon, regardless of who wins the election. “I don’t think it really matters. Everything is going up now. The election will pass,” Tapiero said. He pointed to Bitcoin as a broader proxy for the cryptocurrency market, suggesting that other digital assets will follow suit in their upward momentum.
Bitcoin to Benefit from Both Parties
While former President Donald Trump, the Republican nominee, has expressed a desire to make the U.S. “the crypto capital of the world,” Democrat Kamala Harris has been more reserved in her approach. Harris, however, recently listed blockchain among emerging technologies she wants the U.S. to dominate.
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Despite this, the crypto community has largely viewed the Democratic-led SEC’s aggressive enforcement actions as anti-crypto, with Trump promising to fire SEC Chairman Gary Gensler if re-elected.
Even so, experts believe Bitcoin’s price will surge after the election. CK Zheng, investment chief at ZX Squared Capital, recently stated that both candidates have failed to address mounting U.S. debts and deficits. This economic backdrop, Zheng said, could be a major bullish driver for Bitcoin post-election, especially with April’s Bitcoin halving event historically sparking price increases.
Institutional Money and Blockchain Adoption Continue
Beyond the political sphere, the broader trends of institutional investment and blockchain adoption are further strengthening Bitcoin’s position. Tapiero stated that this movement towards putting value on a blockchain transcends any one election, underscoring its global nature.
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As billions of dollars flow into Bitcoin and Ethereum funds, blockchain technology is rapidly gaining momentum. “The tide continues and it rolls,” Tapiero remarked, signaling his confidence in crypto’s ongoing growth.
Ultimately, while the election could stir up short-term market movements, the long-term fundamentals for Bitcoin remain robust. It looks like cryptocurrency’s ascent to $100,000 is only a matter of time.
