The election is less than a week away and Bitcoin and gold are making big gains. Over the past 30 days, gold’s value increased by 3.6% against the U.S. dollar and it’s up nearly 20% over the last six months. Bitcoin hit its priciest level since the spring on Tuesday. Oct. 29. It went up 6%, surpassing $73,000.
Experts are already speculating about how cryptocurrency will respond when a new president is elected.
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If former President Donald Trump wins, crypto experts said there could be an immediate surge in Bitcoin’s price. That would uplift the whole crypto market, according to experts.
They said this is because he embraces crypto as part of his campaign, even accepting donations in different cryptocurrencies, including Bitcoin and Dogecoin.
Trump also said he would start a national Bitcoin reserve if he were elected again.
If Vice President Kamala Harris wins, many trading experts expect an immediate dip in cryptocurrency’s price. However, that could be followed by a rebound later.
Harris hasn’t said much about crypto. Recently, she addressed the topic, calling for stronger regulatory oversight of the crypto market.
If it’s a contested election, experts said Bitcoin may be a preferred asset for traders looking to capitalize on potential price swings.
