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Matthew Sigel, head of digital asset research at ETF issuer VanEck, noted that Bitcoin (BTC) 
$104,893 is showing a positive trend ahead of the upcoming US presidential elections. At the time of writing, the price of BTC stands at $70,000.
Comments from VanEck Management
In a recent interview on CNBC’s Squawk Box, Sigel suggested that Bitcoin might prepare for a significant rise due to the potential election victory of Donald Trump on November 5. Trump, the Republican presidential candidate, is clearly more pro-crypto than his Democratic opponent, Vice President Kamala Harris, which increases his importance to cryptocurrency investors.
Matthew Sigel: “Trump is definitely the candidate for crypto and Bitcoin, while Vice President Harris hasn’t mentioned it at all, so I doubt she really understands it.”
Sigel pointed out that Bitcoin has a negative correlation with the US dollar and a positive correlation with the growth of the money supply (M2). He emphasized that the acceleration of money growth could play a significant role in this context.
Matthew Sigel: “There’s also some exhaustion among sellers. The German government and the US government have reduced Bitcoin sales by $2 billion in recent months, benefiting from the election.”
Historical Behavior of Bitcoin
Sigel indicated that Bitcoin could repeat a pattern observed in 2020, where it entered a phase of low volatility before experiencing a strong rise during the election season.
Matthew Sigel: “Our prediction is that Bitcoin may follow the same path for this election. In 2020, we saw precisely the same pattern; Bitcoin lingered with low volatility and then surged with high volume once the winner was announced.”
Currently, Bitcoin is trading at $70,045. Keeping track of market movements will be crucial for investors.
