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As the U.S. draws closer to the 2024 presidential election, investor optimism appears to renew, driving the price of Bitcoin (BTC) to above $70,000. The increased trust in cryptocurrency is thanks to beliefs that already existing regulations are reasonable and that adoption is growing. Market analysts are now speculating Bitcoin that it may soon exceed its all-time high of $73,737, which it achieved earlier this year.
Bitcoin’s rally comes at a time when all emerging financial assets tend towards gains, including gold. Bitcoin and precious metals are hedges against economic uncertainty, and Bitcoin’s recent halving increases the scarcity of that asset. Analysts believe that the supply growth in Bitcoin will slow down, which would help the crypto appreciate further with heightened demand in this market uncertainty.
Bitcoin Rally Continues Amid Halving and Investor Optimism
Bitcoin’s price increased after its most recent halving event in April 2024, in which mining rewards halved, and the pace of new BTC circulating slowed. Analysts note that historically, Bitcoin has seen significant price increases of 500 days and above after a halving, and this cycle is watching to see if that trend will continue. According to experts, the cryptocurrency could peak near the end of this period, with some projecting that it could reach above $200,000 by this year’s end.
We’re getting closer to 200 days past BTC’s fourth halving, and many investors are hoping for significant price gains over the next 12 months. BitcoinIRA co-founder Chris Kline noted that historical technical indicators have indicated that Bitcoin’s price could experience continued growth. Meanwhile, Bitcoin’s supply constraints in the face of soaring global demand are expected to keep pushing the cryptocurrency’s market excitement.
As investors scramble for safe-haven assets, BTC’s potential to surge even higher leads some to compare the digital coin to gold, which is also surging in value. That trend also reinforces the belief that basic supply and demand principles are behind the current Bitcoin rally. The parallel increase in Bitcoin and gold reflects the market’s shift to assets, which it views as reliable stores of value when the weather is uncertain.
Ripple’s Chris Larsen Backs Harris for Crypto Growth
Industry leaders in the crypto world are closely examining what the 2024 presidential race could look like as political candidates allude to digital asset policies. Vice President Kamala Harris has drawn public support from Chris Larsen, a co-founder of Ripple, and has been praised for the potential to be more business-friendly towards cryptocurrencies. Harris’s position on crypto has been less defined, but Larsen thinks her administration would contrast starkly with the Biden administration’s stance, which has been slammed for the tight regulatory measures.
The Final Thoughts
The endorsement from Larsen represents a general feeling in the industry that more robust supporting policies could help support U.S. dominance in crypto innovation. According to him, the present regulations have instigated American crypto companies rather than shun the U.S. market and go elsewhere, and this is what Ripple has accused Harris’s team of engaging in private discussions to create a regulatory framework that will inspire growth in the U.S.
Larsen’s $12 million donation to Harris’s campaign, most of it in Ripple’s XRP token, is proof of his intent to influence crypto policy in the U.S. Even with a crypto-cursing White House, Larsen hopes for a better policy under a Harris White House. The stakes: As U.S. major political parties debate digital assets, the election’s outcome could set the tone for future U.S. crypto regulations.
