Head of digital asset research at ETF issuer VanEck, Bitcoin 
$68,187He stated that (BTC) had a positive trend before the US presidential elections. At the time of writing, BTC price is at $70,000.
Comments from VanEck Manager
VanEck executive Matthew Sigel said in a new interview on CNBC’s Squawk Box that Bitcoin could be poised for an impressive rally on November 5 due to a possible Donald Trump election victory.
Republican presidential candidate Trump is clearly more pro-crypto than his Democratic opponent, Vice President Kamala Harris. His statements and promises increased his importance for cryptocurrency investors.
Matthew Sigel: “While Trump is definitely the candidate for crypto and Bitcoin, Vice President Harris hasn’t said a word about it, so I doubt if he’s really understood.”
Sigel noted that Bitcoin has a negative correlation to the US dollar and a positive correlation to money supply growth (M2). He stated that the acceleration of money growth with the Fed pivot could play an important role here.
Matthew Sigel: “We also have some sellers selling out. “The German government and the US government have cut $2 billion worth of Bitcoin sales in the last few months, and the election is reaping the benefits.”
Historical Behavior of Bitcoin
Sigel stated that Bitcoin could repeat a pattern in 2020 where it entered low volatility before the election and then went on a strong rise.
Matthew Sigel: “Our prediction is that Bitcoin may follow the same path for this election. We saw the exact same pattern in 2020; “Bitcoin stalled with low volatility, followed by a high-volume rally when the winner was announced.”
Bitcoin is currently trading at $70,045. Following market movements will be important for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
