Bitcoin Could Surge 75% if Republicans Win Congress in 2024, Analysts Predict
Analysts suggest Bitcoin could jump by 75% by year-end if Republicans secure Congress, with crypto-friendly policies and inflation concerns fueling potential growth
As the 2024 U.S. elections approach, the impact on the economy and cryptocurrency markets could be substantial, especially for Bitcoin. If Republicans gain control of Congress, some experts believe Bitcoin’s price could climb by up to 75% by the end of the year. With Bitcoin already sitting around $70,000, analysts predict a Republican-led Congress would create a more supportive environment for cryptocurrency regulations, potentially fueling its growth.
Why a Republican Win Could Boost Bitcoin
Analysts say a Republican majority in Congress might push for policies that support the growth of the crypto industry. This could involve loosening or even eliminating certain regulatory restrictions, making it easier for banks and financial institutions to engage in cryptocurrency transactions.
One example is the SEC rule known as SAB-121, which requires banks to list crypto assets they hold for clients on their balance sheets, leading to stricter capital requirements. The removal of this rule, anticipated by analysts if Republicans take control, could allow banks to expand their crypto offerings, thereby increasing demand for Bitcoin.
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A Republican-led Congress is also expected to streamline the process for Bitcoin exchange-traded funds (ETFs), which allow a broader range of investors to buy into Bitcoin without needing to hold the asset directly. Increased accessibility through ETFs could drive significant demand, as more people could invest in Bitcoin through traditional brokerage accounts, contributing to a price increase.
Inflation and Bitcoin’s Role as “Digital Gold”
With inflation remaining a concern, many investors see Bitcoin as a “digital gold” that can protect against the eroding value of traditional currencies. Bitcoin’s limited supply makes it an attractive asset in inflationary periods, as its value may increase when fiat currencies lose purchasing power. Regardless of which party wins, inflation concerns are likely to persist, creating a favorable environment for Bitcoin.
A Republican-controlled Congress could expedite measures that ease restrictions on Bitcoin, making it even more attractive as an inflation hedge. If demand for Bitcoin grows under these conditions, a higher price could follow as investors move their funds to assets considered safer from inflation risks.
The Outlook for Bitcoin in 2024
Although predicting Bitcoin’s exact price is challenging due to its volatility, analysts believe that political shifts, supportive legislation, and inflation concerns will likely boost Bitcoin’s value in 2024. Many expect new highs for Bitcoin if Republicans win Congress, as a crypto-friendly environment could speed up regulatory approvals and attract more investors.
Even if a Republican sweep doesn’t happen, Bitcoin could still see growth in the coming year, especially if key regulations are eased and inflationary pressures continue. For those looking to invest in Bitcoin, the upcoming election could play a pivotal role in shaping the future of the crypto market.
Also Read: Jack Dorsey Predicts Bitcoin Could Hit $1 Million by 2030 – Here’s Why
