Crypto investors faced the toughest days of the bear market, with BTC dropping to $15,500. Things got so bad that we saw a dip below the ATH level of 2021. There was no precedent for this in the past. Now, we seem to be on the brink of a unique bull period in terms of market value.
2024 Elections and Crypto
Since 2023, we have been discussing that this year’s elections could be a significant opportunity for crypto investors. Presidential candidates almost scrambled to attract crypto investors, signaling this the most. Many investors said Biden would not back down on this, but the scenario we discussed in 2023 is now happening.
Within just a week, we saw a 180-degree change in the Spot Ethereum ETF decision. Gensler made his crypto opposing statements more moderate and acknowledged that some altcoins are not securities and should not be pre-judged. Then, within a few days, a law granting the CFTC the authority to classify relevant altcoins as commodities passed the House of Representatives with notable support from Democrats.
The FIT21, supported by senior Democrats, upset some people, but they could only bite their lips.
Capo and 2024 Crypto Prediction
The biggest crypto bear Capo was right many times in 2022. However, things changed, and the days came when he had to step back. The exciting thing is that Capo has now embraced the 2024 election scenario. The famous analyst wrote the following a few hours ago;
“My theory is this;
Trump has already gained initiative in securing voters from the crypto world and will continue to do so. Besides accepting campaign donations in cryptocurrencies, openly supporting the crypto industry, and promising to release Ross Ulbricht at the beginning of his term, he will likely announce significant tax advantages for users.
According to data, 14.4% of American adults currently own or use cryptocurrencies. However, the percentage of potential voters who are crypto users rises to 22%. This is a significant proportion, but let’s not forget that a large part of this number would already vote for Trump before these announcements, and another large part would not vote for Trump even with this new approach. However, sooner or later, Democrats will realize they have lost the battle to gain voters from this sector and, out of pride, may decide to do the exact opposite and continue to attack the crypto ecosystem more aggressively instead of trying to gain votes from the crypto community. Let’s not forget that the US government has about $15 billion worth of crypto that they will eventually sell. First, to raise money and finance election campaigns. Second, to try to drive prices down and have more arguments to attack the sector. Third, if there is a president, to prevent these assets from being left to the next president.
Therefore, I expect Trump to continue to take a pro-crypto stance in the coming months and Biden to do so in the next few weeks, but eventually, Biden should do the exact opposite and become even more aggressive.
This would fit a scenario where prices continue to rise for a few more weeks but then see a significant correction before the elections (probably from July-August to November). What happens next depends on who gets elected. If Trump is elected, 2025 will be a very good year for the market.”
