Topic: Is The election worth the hype for BTC - page 3. (Read 1127 times)

Whether any of these presidential candidates fancy bitcoin or not, bitcoin will continue to be what it is. Before now bitcoin has faced so many challenges which many thought it won't exist by now but bitcoin have done very well by gaining more adopters and increasing I'm value. It is a good thing to have a president that is cool with bitcoin but if eventually they are against Bitcoin it won't stop Bitcoin from existing or  not having good value. Bitcoin is so powerful right from time and no individual can add to it or otherwise. If people are so powerful to harm Bitcoin it won't even be existing by now.

With or without politicians in play on this market, bitcoin and crypto in general will survive. Their participation will only further boost the demand or popularity depending on how they are influencing this market. If they are supporting this market, for sure, they will approve bills related to it and it can possibly increase the demand in this currency market.

What I always think of was when China banned the usage of crypto. As we all know, China is one of the superpowers on this world. And yet, they couldn't have the influence to stop or shutdown the operations of crypto. What more of selected politicians? They may influence but they don't have the control of what this market can achieve in this generation. So for me, we are looking at limitless possibilities. And that is actually good for all crypto enthusiasts, users and patrons.

TBH, I won't comment on whether America is a world power or not, but as you know the elections impact the monetary policy and growth of the economy, according to the global great economies as America is one of the biggest economies it directly influence the behavior of the risk investment markets and other financial markets as well. So yup Elections are somehow important if the government takes action against or in favor of the risk investment markets by changing their monetary policy.

Hi.
America is the world power and besides bitcoin is a speculative assets. It responds speedily with the happenings in the environment and we all know that US election has a great weight in the world, not only in crypto but even in forex and bonds.

With or without US election, with or without Trump winning, bitcoin remains, but the effect of the election will affect the bitcoin price.

The US election is not everything for Bitcoin because this year Bitcoin has already risen sharply without any influence from any election in the world and as you said Bitcoin was there before these people ran for US president now and in the past we have also seen how Bitcoin can grow well without having to depend on elections in any country. And for now I don't think Bitcoin will immediately break $90K if Trump wins this election and vice versa, but Trump's closest people are people who are already quite familiar with Bitcoin so there is a possibility for Bitcoin to increase if there are many new investors who are quite happy with Bitcoin through Trump's influence.

I think on the contrary, I think there will be a huge difference between each government's policies and different impacts on the crypto industry. That is why I do not expect and do not expect a crypto-unfriendly government to be elected, which will slow down the development of crypto.

Many people think it would be great if bitcoin were not involved in political rivalries and completely separate from government. That is an ideal scenario but we need to accept the fact that it will never happen because as bitcoin becomes more and more popular, it is inevitable that it will attract the attention of institutions and governments. Organizations like us want to make more money while the government wants taxes from us and doesn't want anything out of their control. So I think the best thing we can do is adapt and support the person who does the least harm to it.

You're indirectly saying the election has an impact on bitcoin. Any crypto related policy issued by the elected candidate will impact the btc. Even if you like it or dislike it.

BTC doesn't need to be protected, but the result from the election will have either a bad or good impact to btc.

You're here writing about longer terms. I think most people agree with what you wrote i.e. that Bitcoin won't fall that easily to "a few cents" (I do agree here too) but this doesn't mean that Bitcoin has to be worth 50.000$ or more

The narrative I'm talking about is more a short- to midterm bubble. It's mainly that "Bitcoin is not ready for new ATHs again" and that it's "fair price" is maybe currently around 30-40k, or even still 20k.

It's a bit more difficult to refute than the one about "Bitcoin will not die", because it's difficult to evaluate Bitcoin's fair price.

But in my opinion, Bitcoin has indeed succeeded in mastering some more "adoption steps" in 2023-2024, which means that it is justified that its price is higher now than in 2022:

- US ETFs (paving the market for institutional US investors)
- Hongkong ETFs (maybe even more important than the US ETFs because they're hinting perhaps at a policy change in one of the biggest markets of the world, China)
- One major candidate of the US presidential election directing his campaign to crypto / Bitcoin users - hinting that they could be an interesting voting demographic.

I believe the US election is indeed a major adoption step for Bitcoin. But not because of the nature of Trump's announcements, but simply because it was mentioned prominently. AFAIK the only election before where Bitcoin was mentioned prominently in a major campaign was in El Salvador (people may correct me if I'm wrong). In Argentina's 2023 election for example Bitcoin was briefly mentioned in the current president Milei's campaign but played a very minor role.

Narratives are different in their stories and borrowed reasons to make these stories logical in their own ways but I see a common thing among them.

Bitcoin is a bubble or not, people can disagree but at the end of already happened bubbles, Bitcoin did not die [1] no matter how many people made many calls "Bitcoin is dead". That means Bitcoin is here to stay and its price won't collapse to a few cents or zero. I am happy with its ability to survive in this market over the past 15 years since 2009.

[1]
Bitcoin obituraries
“Bitcoin Is Dead” - The #1 Database of Notable Bitcoin Skeptics
Bitcoin deaths

I think one of the narratives that helped to (some Bitcoiners) put so much focus on the election could be this one:

1) Bitcoin is currently in a bubble due to the ETFs, it should be lower.
2) The dip to 49-50k was not a dip, but a real correction and should have been only the start of an even more pronounced downward move (to 38 or even 32k).
3) But only because Trump endorsed crypto and Bitcoin, the price could recover and is now again close to the level we've seen in the last months (roughly 59-72k).
4) Thus, if Kamala wins, this recovery could be classified as a "dead cat bounce" and we're heading again to 3x.xxx.

I believe that this narrative is not very convincing.

As many have already posted, the 70k+ levels were reached during Biden's tenure. So as long as Harris does not make anti-crypto politics part of her campaign, I see no reason why Bitcoin should be affected by her winning the election, as it's the same political force in charge.

In addition, the correction to 50k levels was healthy enough for me. It was close to 30%, and thus very similar to previous corrections in bull markets.

I think Bitcoin will be completely fine if Kamala Harris wins.

@Don Pedro Dinero: Interesting

The way the hype is going I think it may last longer than expected if the media keep spreading the information and Trump keeps using bitcoin as part of his campaign strategy when ever he is making his speech, And if Trump is finally elected as the president whether he shows support as he earlier said there will be a great increase in the price of bitcoin because a lot of people will consider his statement as a strong hold to keep buying bitcoin now with the hope of making profit when he is elected to make profit.

If the reverse becomes the case, the people will start selling with the fear of not knowing what will become of bitcoin investors but regardless of this I think bitcoin will not be affected for a long time even though the election did not go as expected.

Just like you have noticed that the adoption of Bitcoin is increasing everyday and you can not compare few years before now with what could happen in the future. The truth is that the crypto market has been in hype for a long time and that is what most traders follow to make decisions in the market. If Donald Trump eventually wins, that would be a big win for everybody in the crypto market because it will enable the adoption of cryptocurrency more in the United States and other countries in the world that are still anticipating on whether to make crypto legal or not. The adoption of cryptocurrency in the US will increase the number if crypto users which will make the price of Bitcoin to rise with time, but the contrary is the case for Harris which could jeopardize the future if cryptocurrency in the US which can influence the world also.

If we all understand all these plans of the presidential aspirant. Why do the masses still get blinded and vote for them knowing full well they will fail on their promises? I do not want to brag about it but I am one citizen who dont participate in political activities and I do not care who is in the seat because at the end of the day, all of them have personal ambitions. Once they get into that position they first sort out for themselves before even thinking about the people. The only reason why they go ahead to make new policies and build infrastructure is because they are looking for a way to short the ,asses from complaining.

The election won't have much impact on bitcoin itself but whoever wins will likely have an impact on whether or not we, as bitcoiners, are criminalized and face imprisonment for using bitcoin.

There's no single event that we should focus on or worry about to protect bitcoin but privacy is a human fight and we should all be doing what we can to protect ourselves from legal persecution. That may involve politics in some capacity. 

It's just a temporary hype, weeks or a month or two of effect might be enough especially if trump wins where most crypto users hope for his BS bitcoin talks. But if the opposing side wins, it might be a longer dump despite of the support it might do to bitcoin. Price will go dump if these voters or observers thinks that there's no development of the talks/promises which news media will always sell the hype that could affect the decisions of many for FOMO.

A priori, as Trump appeared at the Bitcoin Conference and spoke about the strategic reserve, it would seem that this would be the case, but it need not be.

To begin with, Trump went and said this out of pure electoral interest, and we could be in for a disappointment even if he wins and fulfils what he said. The history of bitcoin has shown us that what looks like 2+2 does not end up resulting in 4.

If anyone wants an alternative view, with which I don't entirely agree, here is one:

Kamala: The Real Bitcoin Candidate

The BTC market in ths U.S. is very large and it is true that their government has a lot of influence, even on cryptocurrencies, and if they make crypto friendly policies and support crypto, it will be great and will aid adoption. However, i don't expect such friendliness irrespective of whoever wins, i know that one candidate is leaning towards support for BTC, but between the candidates i don't think there'd be much difference in policies and bills that will be signed into law concerning BTC and crypto.

Election worth for BTC? nope, buddy Elections have nothing to do with Bitcoin but against that statement, Bitcoin is getting used by the parties to boost their Election campaigns by giving them a new pro-crypto / pro-Bitcoin narrative.

Yup if the winners execute what they claim to do after the win during their election campaign, those developments can impact the Bitcoin's market in both ways. Yup for sure Bitcoin is now dominant. But elections are just elections and you should acknowledge the difference in what politicians say and  what they do.

This is empty talk, but it has an impact on the actions of the masses. It is no secret that the news background influences the decision of investors to buy or sell bitcoin.

It is precisely because people believe in "that the election is everything for Bitcoin" that it has power.

Once again we are being forced into the framework of "either - or". I don't think that everything will be so clearly bad or good. In general, I think that even without these elections, Bitcoin will reach the level of $100-150k. during this cycle. Bitcoin "lives" according to its internal rhythms, as it "lived" before all these candidates.

Anything can go wrong. The BTC-community can only believe and hope (by investing in BTC) and "let it be".

Is Bitcoin a financial market? And how independent will it be when the US is the center of the world financial market and accounts for over 49% of the world's total market capitalization? The most practical example of this is: the largest inflow of capital into bitcoin right now is through bitcoin ETFs, and the majority are trading in the US. So it would be incorrect to say that bitcoin has nothing to do with what is going on in the US.

I don't like the US because of their dictatorship on the international stage but I won't deny their influence and importance to the world economy or any sector in the world including bitcoin. They control and influence almost everything in this world, I don't think they will ignore bitcoin or it can avoid them.