According to a report by investment firm VanEck, the future of Bitcoin’s price could see a significant uptick in 2024, but with an interesting twist. The report suggests that if Donald Trump secures another term as US President, the cryptocurrency could reach new heights.
Veteran analysts Matthew Siegel and Patrick Bush from VanEck’s digital asset research team predict that Trump, if re-elected, would bring about a more crypto-friendly atmosphere within the US government. They anticipate that with a Republican victory, the US Securities and Exchange Commission (SEC) would adopt a more favorable stance towards regulating cryptocurrencies.
The analysts also took into consideration the upcoming Bitcoin halving event, which is scheduled to take place in November 2020. They believe that this event, combined with a Republican-led SEC, could potentially push Bitcoin’s price to six figures by 2024, reaching an impressive $100,000.
Furthermore, VanEck’s report delves into other cryptocurrencies as well. The firm suggests that by 2030, the price of Ethereum (ETH) could rise to $11,850. If certain positive developments occur, they even speculate that ETH could surpass $51,000.
With these forecasts in mind, it appears that VanEck has high hopes for the future of cryptocurrencies, particularly Bitcoin and Ethereum. Only time will tell if their predictions come to fruition, but for now, investors and enthusiasts alike eagerly await the outcome of the upcoming US presidential election and the Bitcoin halving event.