VanEck’s Matthew Sigel refutes Bernstein’s claims about the 2024 election’s influence on Bitcoin’s price, emphasizing market sentiment over politics. In the lead-up to the 2024 US Presidential Election,
VanEck’s Matthew Sigel refutes Bernstein’s claims about the 2024 election’s influence on Bitcoin’s price, emphasizing market sentiment over politics.
In the lead-up to the 2024 US Presidential Election, debates are heating up over the potential impact on the cryptocurrency market, particularly Bitcoin. While some analysts, like those from Bernstein Research, believe that the election results could trigger major price fluctuations, others remain skeptical. One of the notable voices in this debate is Matthew Sigel, Head of Digital Assets Research at VanEck, who has dismissed claims that political outcomes will have a significant influence on Bitcoin’s performance. Sigel’s perspective has ignited discussions among investors, questioning whether the upcoming election will truly shape the future of the crypto market.
VanEck’s Head of Digital Assets Research, Matthew Sigel, has dismissed recent claims from Bernstein Research regarding the potential impact of the 2024 US Presidential Election on Bitcoin. Sigel’s statement contrasts with Bernstein’s prediction that the election results could significantly influence Bitcoin’s price trajectory.
Bernstein’s report projects that a victory by Kamala Harris could lead to a sharp drop in Bitcoin’s price, potentially bringing it down to $30,000. Conversely, it forecasts that a win by Donald Trump might drive Bitcoin to new highs, reaching up to $90,000 by the end of 2024. These projections have fueled speculation among investors about how the political landscape might affect the cryptocurrency market.
In response, Sigel refuted these claims, emphasizing that Bitcoin’s performance is more closely tied to market sentiment and investor confidence than political outcomes. He argued that Bitcoin is likely to rally regardless of the election winner, pointing to the “removal of uncertainty” as a key factor driving the flagship cryptocurrency.
Sigel did, however, speculate that a Democratic win could support Bitcoin’s outperformance, while a Republican victory might benefit altcoins, hinting at a broader crypto market rally under Trump.
The contrasting views have sparked debate among investors, adding intrigue to Bitcoin’s potential trajectory amid the 2024 election season.
Bernstein’s analysis suggests that the 2024 US presidential election could create significant volatility in Bitcoin’s price. It argues that a Harris win could reverse the gains seen from Bitcoin’s 2023 ETF momentum, while a Trump victory could spark a broader market rally. Sigel, however, has countered these claims, emphasizing that politics play a secondary role to market dynamics. He speculated that a Democratic win might bolster Bitcoin’s performance, while a Republican victory could benefit altcoins. His views have fueled discussions, with some investors expressing concerns about the broader economic impact of a Harris presidency and the potential appeal of Bitcoin as a hedge against inflation.
