As the 2024 U.S. Presidential Election draws near, discussions among Bitcoin supporters are becoming increasingly focused on the potential impact of the election’s outcome on the crypto market.

Recent debates, particularly within the Bitcoin maximalist community, reveal diverging opinions on which candidate would be more beneficial for Bitcoin.

One vocal Bitcoin supporter, Rajat Soni, has sparked conversation by suggesting that a Kamala Harris victory could have significant consequences for Bitcoin.

According to Soni, the U.S. dollar could experience rapid devaluation under a Harris administration, which he believes would drive a shift toward Bitcoin as an alternative means of transaction.

Soni’s argument centers on the idea that as the dollar loses value, the demand for Bitcoin would surge, making it a more attractive asset for those looking to preserve wealth. He further emphasized that while real estate prices might rise due to dollar devaluation, Bitcoin’s potential for growth could far outpace that of traditional assets.

Divergent Views on Bitcoin’s Future

Notably, some Bitcoin community members express contrasting views, with one commenter suggesting that Bitcoin would benefit more under Donald Trump’s leadership.

The commenter speculated that Trump’s plan to have the U.S. government purchase one million Bitcoin for the strategic reserve would significantly bolster the asset’s value.

However, Soni responded with skepticism, doubting Trump’s commitment to such a plan, arguing that it could lead to an intentional devaluation of the dollar.

Tight Presidential Race

The intense speculation among Bitcoin enthusiasts is mirrored in the competitive nature of the 2024 Presidential race, as observed in the betting market on Polymarket.

The platform’s odds reveal a closely contested election, with Donald Trump and Kamala Harris nearly tied in terms of probability.

Polymarket

As of the latest update, Trump holds a slight edge with a 50% chance, while Harris follows closely at 49%. This slim margin reflects the high stakes and uncertainty surrounding the election’s outcome, which could have far-reaching implications for the cryptocurrency market.

Analyst Predicts $16,000 Bitcoin if Harris Wins

Conversely, the prospect of a Bitcoin dump under a Harris administration is also widespread. On Thursday, a well-known crypto trader issued a prediction that Bitcoin could plunge to the $16,000 level if Vice President Kamala Harris secures the U.S. presidency in the upcoming November elections.

Bitcoin last reached this level during the 2022 market downturn, which was driven by events such as the collapse of Terra and the bankruptcy of FTX.

Essentially, these predictions highlight the influence that macroeconomic factors, including government policies, can have on Bitcoin despite its decentralized nature.