Bitcoin Set for Q4 Surge Despite US Election!

Bitcoin’s price will likely benefit from the upcoming US presidential election regardless of who wins.

Author

Danielle du Toit
September 30, 2024

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Here's what we've got for you today:

  • US Election Outcome Won’t Slow Q4 Bitcoin Rally, Says Hedge Fund

  • Coinbase Downloads Rise as Retail Traders Reenter Bitcoin Market

  • Senate Candidate John Deaton Vows to Fight Federal CBDC

  • Crypto Billionaire Changpeng Zhao Promises More Blockchain Investment After US Custody Release

The investment chief behind ZX Squared Capital believes Bitcoin’s price will benefit from the upcoming United States presidential election regardless of who wins. 

  • The upcoming US election and the lack of attention to rising US debt by both presidential candidates can be seen as bullish factors for Bitcoin, according to CK Zheng.

  • Bitcoin has historically benefited from uncertainties during US elections and has shown strong fourth-quarter performances. CoinGlass data also shows that BTC rallied by 50% or more in Q4 of the past six years.

  • Bitcoin halving events, like the one in April 2024, typically amplify these gains and could boost Bitcoin's performance even more in the fourth quarter.

After months of fading interest, Bitcoin is once again regaining traction among retail traders.

  • After a quiet period in the crypto market, interest is returning as retail traders are downloading the Coinbase app again.

  • Historically, Coinbase app downloads have closely correlated with Bitcoin's price performance, with spikes in popularity during bull markets and record BTC prices.

  • During past bull runs in November of 2020 and March of 2024, the Coinbase app broke into the top 175 most downloaded apps. The app also dropped out of the top 500 during bear markets.

Deaton is especially concerned that a CBDC could grant the government excessive control over individual spending habits.

  • Deaton stated that a US CBDC could limit the use of cryptocurrencies like Bitcoin, and could also lead to efforts to ban self-custody of crypto assets.

  • He also strongly believes that there is a need for clearer and more transparent regulations from agencies like the SEC to provide more stability in the crypto market.

  • Deaton shared that regulatory uncertainty in the US is driving innovators to look for opportunities internationally, avoiding the American market.

CZ pledged to increase his investments in the blockchain sector after serving a four-month prison sentence in the US.

  • Zhao announced that he plans to invest in artificial intelligence and biotech, and will be more focused on making a long-term impact rather than financial returns.

  • He also mentioned that Giggle Academy, his educational initiative, will become a major focus for him in the years to come, along with increased time and funding for charity and education.

  • Additionally, CZ is in the process of writing a book, and two-thirds of it is already completed.

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