The CIO of Bitwise Asset Management recently claimed that if Trump wins the future election, the altcoin market could significantly grow because of greater regulatory certainty and institutional investors entering it.
During an interview with Yahoo Finance on 30th October, Hougan explained that Bitcoin will continue performing well whether Biden or Trump is elected. Still, a Trump win will trigger more regulation for other coins, making them more attractive to investors.
Hougan also revealed that crypto will enjoy Trump administration policy changes, especially altcoins. Given that altcoins have been struggling with more regulatory issues recently than Bitcoin, Hougan is sure that clearer policies from the Trump administration will foster the development of altcoins.
Trump Win Could Propel Altcoin Growth, While Bitcoin Heads Toward $100,000, Says Hougan
“Bitcoin alone is going to $100,000 plus next year,” Hougan said, and at the same time, he stated that several adults are still susceptible to regulation. Still, the CFTC has classified Bitcoin as a commodity, which already has a more concrete regulatory environment than other assets like Ethereum.
“I think the most important thing for bitcoin is that the election happens,” Bitwise Asset Management CIO @Matt_Hougan says. “Regardless of a Trump win or a Harris win, the regulatory setting for bitcoin is improving, and I think that’s what you’re seeing reflected in the price.” pic.twitter.com/BXAkbg3vyG
— Yahoo Finance (@YahooFinance) October 30, 2024
Although many altcoins may stand to benefit from a Trump Presidency, Hougan remained optimistic about Bitcoin under the Trump or Clinton administration, stating, ‘This is the best single time to invest in Bitcoin from a risk-adjusted standpoint.’ He presented some reasons, including institutionalization, stability, and breakthrough investment products like ETFs.
Hougan also said that a Harris win may bring short-term fluctuation on altcoins, although it will not stop the growth of Bitcoins and other cryptocurrencies. He noted that recently, there seems to be more unity in both parties since both understand that regulation of digital assets will soon be one of the engines that will pull the world forward.
Hougan added that regulations are the primary influence for any altcoin and could be instrumental in the election’s closeness. As Hougan explains, the presence of regulatory changes could have a more significant impact on altcoins and the general cryptocurrency market than the closeness of the election.
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