Bitcoin is expected to surge beyond six figures, no matter the outcome of the U.S. presidential election, according to experts. Steven Lubka, head of private clients and family offices at Swan Bitcoin, expressed confidence that Bitcoin will surpass the $100,000 mark by 2025, regardless of who wins the election.
“Do I think we will be in the six figures regardless of who wins? Almost certainly,” Lubka said in a CNBC interview.
The statement comes amid growing political polarization within the cryptocurrency community, with many fearing that a presidency under Kamala Harris could negatively impact the digital currency’s growth. However, some experts argue that the concerns are overstated.
James Davies, co-founder of Crypto Valley Exchange, noted that while a Harris presidency might pose challenges for crypto startups, Bitcoin itself is unlikely to be derailed by domestic political events. “Bitcoin is a global commodity, driven more by macroeconomic forces than any one country’s politics. It’s important that crypto aligns with both sides and continues to succeed no matter the political landscape,” Davies emphasized.
Political Influence on Bitcoin
The U.S. political scene has undoubtedly played a role in shaping sentiment around Bitcoin. Following a debate between Donald Trump and Kamala Harris on September 10, both candidates now hold equal odds of winning the presidency, according to the prediction platform Polymarket. Trump, a known advocate for cryptocurrency, had previously enjoyed a lead in polls, particularly after speaking at the Bitcoin 2024 conference in Nashville in July, where his chances of victory peaked at 72%.
However, as election speculation mounts, analysts agree that Bitcoin’s price trajectory is likely to be dictated more by broader economic trends than by political shifts. The global cryptocurrency market has already experienced volatility, with a 2% drop in market capitalization following the September 10 debate.
AI-Related Crypto Surge Amid Nvidia Stock Rally
In other cryptocurrency news, artificial intelligence (AI)-related crypto assets have surged in tandem with Nvidia’s impressive stock rally. Nvidia Corp saw its stock rise by 8.15% on September 11, closing at $116.91 and boosting its market cap to $2.86 trillion. This rally has had a ripple effect on AI-focused cryptocurrencies, which witnessed a 0.3% increase over the same period.
The total market cap for AI tokens now stands at $23.46 billion, with NEAR Protocol gaining 5.3% and trading at $4.15. Another standout performer, the Artificial Superintelligence Alliance, surged 8.4% and is currently valued at $1.42.
Sui Sees Remarkable Gains
Meanwhile, the Sui token has experienced a bullish run, driven by Grayscale’s decision to open its Sui Trust to accredited investors. Over the past 24 hours, Sui surged 17%, reaching a high of $1.05. This marks a 27% rise in the last week, propelling its market cap to over $2.75 billion.
As Bitcoin continues to chart its course toward six figures, the wider crypto landscape is seeing dynamic shifts. However, experts agree that despite election uncertainties, Bitcoin remains largely insulated from domestic political forces, with broader global trends driving its long-term value.