According to Coinmarketcap, Bitcoin surged to a peak of $75,000. The last time it reached this level was on March when it hit $73k before trending below $70,000 in subsequent trading.
In the elections of 2012, 2016, and 2020, Bitcoin saw returns of approximately 87%, 44%, and 145% respectively in the 90 days following Election Day. Part of this trend is due to these election years aligning with Bitcoin’s “halving” events, which significantly reduce Bitcoin’s supply. Post-election returns are also often influenced by major policy shifts from the Federal Reserve, and this year, the market anticipates further interest rate cuts.
This year’s presidential election is regarded as one of the most critical in cryptocurrency history. Many analysts believe that if Kamala Harris were to win, cryptocurrencies could face greater scrutiny. On the other hand, Trump has garnered more support in the crypto sector after publicly endorsing digital assets earlier this year.
Like gold, Bitcoin is seen by many investors as a hedge against fiscal and monetary policies that could devalue the U.S. dollar and spur inflation.
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