PANews reported on November 3 that according to Cointelegraph, Dean Skurka, president and CEO of digital financial services company WonderFi, believes that interest rate cuts in Canada and the United States and the upcoming 2024 US presidential election will continue to drive Bitcoin prices higher in the next 6-24 months.
Skurka explained that the Bank of Canada’s recent decision to cut interest rates by 50 basis points, as well as the Federal Reserve’s ongoing rate cuts starting in September 2024, will encourage both retail and institutional investors to enter the market or add to existing positions. “The rate cut signal and the idea that rates are not going to go higher” is enough to keep investors optimistic in the short term before the capital injection from the rate cut hits the market — which usually takes 6 to 18 months after the rate cut is announced.
Skurka also highlighted the upcoming 2024 U.S. presidential election as a major catalyst for Bitcoin prices. The cryptocurrency industry believes that a Trump presidency would be good for cryptocurrencies, while a Harris victory could create a price shock in the short term. However, Bitcoin's long-term price will rise regardless of who wins the 2024 presidential election, and it is expected that the regulatory environment in the United States will change after the November election due to political pressure from industry advocacy groups. These catalysts, along with large Bitcoin ETF inflows (indicating strong and sustained institutional interest), create a "very positive environment" for Bitcoin in the coming years.
