If Vice President Kamala Harris is elected in November, a crypto trader has predicted that Bitcoin will reach the $16,000 range.
Despite its decentralized nature, Bitcoin is often influenced by macroeconomic factors, including government policies. An analysis conducted by a trader indicates that the upcoming president of the United States will have a significant influence on the price of Bitcoin.
In a recent post, Mister Crypto predicted that Bitcoin would experience downward movement in the event that Kamala Harris, the current vice president, emerges victorious in the upcoming November US elections. The trader shared a chart indicating the $16,000 area with an arrow.
During the 2022 market crash, Bitcoin surged to the $16,000 region. In November 2022, Bitcoin reached its lowest point at $16,463 due to the Terra clash and FTX’s bankruptcy filing. Since then, it has experienced a significant surge of over 360%, currently trading at $59,448 at the time of writing.
Is There a Reason to Dump?
It is because of Harris’s involvement in the current administration that there is a concern regarding the possibility of a decrease in the price of Bitcoin in the event that she is elected as the next president of the United States. During the time that the Biden-Harris administration was in power, the regulatory environment the cryptocurrency industry was subjected to was particularly stringent.
Due to the absence of regulatory guidelines for cryptocurrency companies, the United States Securities and Exchange Commission (SEC) was forced to impose sanctions in accordance with their discretion. The most significant regulatory body in the United States has just recently issued a Wells notice to OpenSea, which is a platform for non-fungible tokens (NFTs). This notice is in reference to the platform’s sale of securities that have not been registered.
The community of digital assets is highly concerned about the indifferent response that the administration of Vice President Joe Biden has given to their appeals. There needs to be more initiative on the part of the government in terms of monitoring the actions of the United States Securities and Exchange Commission (SEC) under the leadership of Gary Gensler.
Is There Any Hope?
Harris has begun to acknowledge the cryptocurrency community despite the fact that this move was initially conceptualized as a strategic maneuver to garner support from the industry. Earlier, an article was published by The Crypto Basic in which it was stated that the advisor to the vice president had expressed a strong dedication to supporting the growth and success of the cryptocurrency industry in the event that they were elected.
The industry may experience significant growth if Harris is elected president because there is a growing recognition of the sector and a commitment to implementing regulations concerning the industry. However, according to Charles Hoskinson, the founder of Cardano, the pledges needed to include a specific plan for how they were going to be implemented.
It is remarkable that Bitcoin, a digital asset, has flourished despite the fact that it has been met with opposition. In addition, the currency has recently obtained popularity and acceptance among institutions despite the fact that regulatory authorities impose restrictions. A user commented on the price forecast that was provided by Mister Crypto, stating that Bitcoin has been through more difficult times in the past and that it would rebound regardless of who the president is.
