Saturday, 14 December 2024
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Unity COO: It’s “disingenuous” to say Trump win directly caused Bitcoin price rise

An image of a Bitcoin in front a background with arrows pointing up

  • Bitcoin reached a high of $75,317 in the early hours of this morning
  • In September, Bernstein analysts predicted Bitcoin to reach between $80,000 and $90,000 by the end of 2024 if Trump won
  • Unity’s COO said to CoinJournal said it was “disingenuous” to say Trump winning the US election was the sole reason Bitcoin’s price went up

Bitcoin rose to a record high of over $75,000 early this morning as voting results signalled a Donald Trump win for the White House.

Data from CoinMarketCap shows Bitcoin achieved a high of $75,317 around 6:25 this morning. Before the election results started coming in last night, Bitcoin was trading at around $69,000.

However, as the evening progressed and into the early morning, Bitcoin continued an upward trajectory before reaching its new all-time high.

Bitcoin’s last all-time high took place in March when it reached $73,000.

Bitcoin’s all-time high of over $75,000. Source: Coinmarketcap

 

Data from AP News shows Trump has taken 277 of the electoral results compared to Vice President and presidential candidate Kamala Harris’ 224.

Will the price rise continue?

While the new high comes amid the US election results, many will be wondering whether this upward movement will continue. In September, Bernstein analysts predicted that Bitcoin could reach between $80,000 and $90,000 by the end of 2024 if Trump won the presidential election.

According to James Toldeano, COO of self-custody wallet Unity, people need to realize that data based on the 2012, 2016, and 2020 US elections doesn’t reveal consistent patterns for the crypto market concerning election results.

“Some have looked at the 2020 election and seen the price rise from $13,760 prior to the election on November 1, to $19,698 following the election on December 1, and immediately asserted it was the election that drove the increase,” said Toldeano to Coinjournal.

In reality, Toldeano added, several factors contributed to the price rise, including US stimulus payments, increasing interest from companies like MicroStrategy buying Bitcoin, and people seeing Bitcoin as a safe investment during the Covid pandemic.

“While the election happened during this time, it’s disingenuous to say it directly caused the price increase,” he said.

In the long-term, it won’t be the election that moves the crypto market, but “broader macroeconomic…

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