Bitcoin’s value rose to a new all-time high of over $75,000 in the early hours of November 4th, 2020, as it became clear that incumbent Donald Trump was likely to win the US Presidential election. The price increase followed a prediction from Bernstein analysts in September that the cryptocurrency could reach between $80,000 and $90,000 by the end of 2024 if Trump was re-elected.
However, James Toldeano, COO of self-custody wallet Unity, argued that it was “disingenuous” to say Trump winning the election was the sole reason for the price rise, as other factors such as US stimulus payments, increased interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic also contributed.
Toldeano also stated that in the long-term, it wouldn’t be the election that moves the crypto market, but “broader macroeconomic events, technological advancements, shifting market sentiment, and factors outside of the next President’s control.”
