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Bitcoin has soared to over 100,000 Canadian dollars, a record that has investors buzzing about what might drive further price gains. Dean Skurka, President and CEO of WonderFi, sees promising catalysts on the horizon, primarily driven by the economic environment in North America. In a recent interview, Skurka highlighted that both Canadian and U.S. interest rate cuts, alongside the upcoming 2024 U.S. presidential election, are set to make Bitcoin increasingly attractive to retail and institutional investors alike in the coming months.
Global Shift in Monetary Policy Boosts Investor Sentiment
The Bank of Canada recently trimmed interest rates by 50 basis points, joining the U.S. Federal Reserve’s ongoing rate reduction initiative that began in September. According to Skurka, these cuts align with a broader global trend toward lower interest rates, which he believes will ignite renewed excitement in the digital asset space.
“This global shift toward lower rates is creating a compelling opportunity for the digital asset ecosystem to expand and recapture retail enthusiasm,” he noted.
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Skurka explained that while rate cuts may take 6-18 months to fully impact market liquidity, the mere signal of lower rates is already encouraging optimism among investors. He expects that reduced rates will attract new buyers into the market and increase positions among existing holders, leading to long-term demand that could buoy Bitcoin’s price well into the next year.
2024 U.S. Election Adds Uncertainty
The 2024 U.S. presidential election is another factor Skurka anticipates will influence Bitcoin’s price trajectory. He mentioned that within the crypto sector, opinions vary on potential election outcomes. A Trump presidency is largely viewed as more crypto-friendly, whereas a Harris administration might lead to an initial price shock due to perceived regulatory hurdles.
However, Skurka remains optimistic, predicting that Bitcoin’s upward momentum will persist regardless of the election results.
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Skurka expects post-election regulatory changes, driven by the industry’s lobbying efforts, to create a more favorable environment for digital assets. “On the other side of this election, I anticipate a more positive and friendly regulatory landscape, no matter who wins,” he stated.
Looking ahead, Skurka emphasized that alongside monetary policy shifts and the political backdrop, strong Bitcoin ETF inflows signal ongoing institutional interest in the asset. Together, these factors form what he describes as a “very positive setup” for Bitcoin, suggesting potential price gains well beyond CAD 100,000 in the months and years to come.
