A crypto trader has predicted that Bitcoin will hit the $16,000 region if Vice President Kamala Harris is elected in November.
Although completely decentralized, macroeconomics, such as government policies, usually affect Bitcoin. According to a trader, the next US president will drastically affect the price of Bitcoin.
In an X post, Mister Crypto predicted that Bitcoin would see new lows if the current vice president, Kamala Harris, wins the November US elections. The trader posted a chart with an arrow pointing to the $16,000 region.
Bitcoin last reached the $16,000 region during the 2022 market crash. The Terra clash and FTX’s bankruptcy filing saw Bitcoin bottom at $16,463 in November 2022. Since then, it has surged over 360% to trade at $59,448 at the time of writing.
Why Dump?
The fear of a Bitcoin dump if Harris becomes the next US president is tied to his involvement in the current administration. The cryptocurrency sector saw one of its harshest regulatory environments under the Biden-Harris administration.
There were no clear regulatory guidelines for crypto firms to adhere to; hence, the US Securities and Exchange Commission (SEC) imposed sanctions at will. The US top regulatory body recently served a Wells notice to OpenSea, a non-fungible token (NFT) platform for selling unregistered securities.
What frightens the digital asset community the most is the Biden administration’s lackluster attitude toward the sector’s pleas. The government had not made much effort to regulate the industry or checkmate the operations of the Gary Gensler-led US SEC.
Any Hope?
Although seen at this point as part of a ploy to win the sector’s votes, Harris seems to have started recognizing the crypto community. The Crypto Basic reported earlier that the vice president’s advisor said she is committed to seeing the cryptocurrency sector thrive if elected.
The recognition of the sector and a promise to regulate the industry may be a sign that digital assets could blossom if Harris wins the election. However, as Cardano founder Charles Hoskinson pointed out, the promises were without a clear path to actualization.
Notably, Bitcoin is a digital asset that has grown despite resistance. The currency has also recently gained traction and institutional adoption despite the regulatory clampdown. As a user responded to the price prediction from Mister Crypto, Bitcoin has danced through worse and would rally regardless of who the president is.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
