If Vice President Kamala Harris wins the election in November, a cryptocurrency trader has projected that Bitcoin will reach the $16,000 mark.
Despite being totally decentralized, macroeconomic factors like governmental regulations typically have an impact on Bitcoin. The next US president will have a significant impact on the price of Bitcoin, a trader claims.
Mister Crypto said in an X post that if Kamala Harris, the incumbent US vice president, wins in November, Bitcoin will plummet to all-time lows. An arrow on a chart pointing to the $16,000 region was posted by the trader.
The last time Bitcoin hit $16,000 was during the market meltdown in 2022. As a result of the Terra conflict and FTX’s bankruptcy filing, Bitcoin peaked in November 2022 at $16,463. It has now increased by more than 360%, trading at $59,448 as of this writing.
Why Dump?
Because of his ties to the current administration, there is concern that if Harris were to win the US presidency, there would be a Bitcoin dump. The Biden-Harris administration brought one of the strictest regulatory frameworks to the cryptocurrency industry.
Because cryptocurrency companies lacked clear regulatory guidelines to follow, the US Securities and Exchange Commission (SEC) could impose sanctions as it saw fit. OpenSea, a platform for selling unregistered securities through non-fungible tokens (NFTs), received a Wells notice from the US government regulatory body recently.
The Biden administration’s indifferent response to the industry’s cries is what worries the digital asset community the most. The US SEC, headed by Gary Gensler, was operating with little interference from the government, and neither regulation nor checkmate had been achieved.
Any Hope?
Harris appears to be beginning to acknowledge the cryptocurrency community, even though this is currently perceived as part of a ploy to win the sector’s votes. The advisor to the vice president stated that, should she be elected, she is dedicated to seeing the cryptocurrency industry prosper, as The Crypto Basic previously reported.
The acknowledgment of the industry and the pledge to regulate it could indicate that, should Harris win the election, digital assets could flourish. Charles Hoskinson, the founder of Cardano, noted that the promises lacked a clear route to fulfillment.
Notably, one digital asset that has expanded in spite of opposition is Bitcoin. Despite the regulatory crackdown, the currency has also recently gained traction and institutional adoption. In response to Mister Crypto’s price prediction, one user stated that Bitcoin has weathered worse and will continue to rise no matter who becomes president.