A crypto trader has predicted that Bitcoin price will hit $16,000 if Vice President Kamala Harris is elected in November.
Although Bitcoin is fully decentralized, macroeconomic factors such as government policies usually affect Bitcoin. According to one trader, the next US president will drastically affect the price of Bitcoin.
In a X-PostMister Crypto predicted that Bitcoin would hit new lows if current Vice President Kamala Harris wins the US election in November. The trader posted a chart with an arrow pointing to the $16,000 region.
Bitcoin last hit the $16,000 mark during the 2022 market crash. The Terra crash and FTX bankruptcy filing caused Bitcoin to bottom out at $16,463 in November 2022. Since then, it has risen over 360% and is trading at $59,448 at the time of writing.
Why dump?
The fear of a Bitcoin dump if Harris becomes the next US president is related to his involvement in the current administration. The cryptocurrency sector experienced one of the strictest regulatory environments under the Biden-Harris administration.
There were no clear regulatory guidelines for crypto firms to follow, so the U.S. Securities and Exchange Commission (SEC) imposed sanctions at will. The top U.S. regulator recently sent a Wells notice to OpenSea, a non-fungible token (NFT) platform for selling unregistered securities.
What scares the digital asset community the most is the Biden administration’s lackadaisical attitude toward the sector’s demands. The government has not made much effort to regulate the industry or hinder the activities of the Gary Gensler-led U.S. Securities and Exchange Commission (SEC).
Any hope?
Although this is seen as part of a ploy to gain votes from the sector at this point, Harris seems to have begun to acknowledge the crypto community. The Crypto Foundation reported The Vice President’s advisor had previously stated that if elected, she would work to ensure that the cryptocurrency sector flourishes.
The Recognition of the sector and a promise to regulate the industry could be a sign that digital assets could flourish if Harris wins the election. However, as Cardano founder Charles Hoskinson pointed out, the promises lacked a clear path to fruition.
Bitcoin is a digital asset that has grown despite resistance. The currency has recently gained traction and institutional acceptance despite the regulatory restrictions. As user responded to Mister Crypto’s price prediction that Bitcoin has been through worse and will recover regardless of the president.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial loss.