The upcoming high-stakes presidential debate between incumbent Joe Biden and challenger Donald Trump is unlikely to have a significant impact on Bitcoin's BTC/USD price.
What Happened: Trump and Biden will square off in the first 2024 presidential debate on Thursday which will see them lock horns on a variety of key topics. Many believe cryptocurrencies might also come up for an interesting discussion.
Analysts from cryptocurrency exchange Bitfinex told Benzinga that the stances of both the leaders on regulations and digital currencies are well-known, and investors have already factored in these.
"Any reiteration of these views during the debate is unlikely to introduce new volatility," the analysts forecasted.
The experts added that even though the debate might touch on regulatory frameworks governing cryptocurrencies, the lack of specifics, which typically come out after detailed policy announcements, might keep volatile moves at bay.
See Also: Trump Reportedly Discussing Participation In Bitcoin 2024 Conference, Move To Reinforce ‘Crypto President’ Image?
Last but not least, Bitfinex analysts highlighted the ineffectiveness of political debates to meaningfully impact the market as opposed to direct regulatory actions, technological developments, and macroeconomic factors.
That said, "Politifi" tokens like the Maga Coin TRUMP/USD and JEO BODEN BODEN/USD could encounter considerable volatility during and after the debate, the analysts predicted.
Why It Matters: Decentralized prediction market Polymarket, which calls itself the world’s largest prediction market, set the odds of Trump mentioning cryptocurrencies or Bitcoin in the discussion at 46% at the time of writing.
Influential industry figures like Ark Invest Founder Cathie Wood had earlier called cryptocurrencies an important election issue in 2024, and many voters could be basing their vote on their policy and support.
According to a recent survey, one-third of voters will consider a candidate's stance on cryptocurrencies in the upcoming 2024 elections.
Price Action: At the time of writing, TRUMP was exchanging hands at $8.45, surging 29% in the last 24 hours. Coin parodying Joe Biden, BODEN shot up 58% to $0.144.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
