- Tether CEO Paolo Ardoino feels both US presidential candidates are crypto-friendly, which will be a net positive for the industry.
- VanEck suggests that $BTC could soar to $180K after the election but sees Trump’s victory as a more favorable outcome.
- Ardoino isn’t concerned about competition and says most stablecoin issuers are looking in the wrong direction.
Paolo Ardoino considers the $BTC strategic reserve, proposed by US Republican Senator Lummis in the summer, a very intelligent idea. In an interview with 99Bitcoins, he said every country should look into it but emphasized the importance of sensible regulation.
Fund manager VanEck shares this opinion, projecting that $BTC will become a key global reserve asset and hit $180K post-election. That’s an ambitious target, but $BTC’s break above $71K gives hope it’s within reach.
Let’s unpack Ardoino’s revelations and what the future holds for $BTC.
US Elections: A Net Positive for the Industry
Ardoino believes positive changes are coming for crypto in the US, regardless of the election outcome. Both candidates strive to appeal to crypto-interested voters, albeit with a different approach.
Kamala Harris said she’d support the industry’s growth but hasn’t laid out any specific plans. Caution isn’t a bad thing – it is better to underpromise and overdeliver than vice versa.
Meanwhile, Donald Trump proclaimed himself the ‘crypto president,’ raised $7.5M in meme coin donations, and pledged to make the US a $BTC superpower.
Besides, Trump’s crypto lending platform, World Liberty Financial (WLF), is alive and kicking. Its recently announced stablecoin project would wrestle with the likes of $USDT and $USDC, but competition has never scared the $MAGA fighter.
Commenting on crypto regulations, Ardoino said many countries follow in the US’ footsteps, so the next president should balance consumer protections with innovation.
Ardoino brought up the EU’s Markets in Crypto-Assets Regulation (MiCA) as an example of ‘killing the industry with bureaucracy.’
$BTC to Hit $3M by 2050
Fund managers like Matthew Sigel at VanEck are also bullish on crypto, particularly $BTC. He sees Trump’s victory as a better outcome for crypto and suggests Harris lacks understanding of the topic.
Sigel further highlighted a negative correlation between the price of $BTC and the US dollar and a positive correlation with Trump leading betting polls.
According to Sigel, the price of $BTC historically grew by approximately 2,000% during rallies. If $BTC soars even half of that post-election, it could hit $180K. And if central banks worldwide adopt $BTC as a reserve asset, it could reach $3M by 2050.
Tether Welcomes Competition
Beyond crypto regulations, Ardoino discussed stablecoins and Tether’s long-term vision. It appears that neither WLF’s nor Ripple’s plans to launch their own stablecoins faze him.
It’s easier to name a company that is not trying to do a stablecoin now because everyone and their sisters are doing a stablecoin!Paolo Ardoino
In fact, Ardoino claims to be excited about strengthening competition because stablecoins are fundamental in many economies (take Argentina, for example).
Ardoino thinks that to thrive, stablecoin issuers should focus on helping the unbanked instead of Wall Street. As long as competitors are looking in the wrong direction, Tether will stay on top.
But being the #1 stablecoin company is only fun and games until the US government goes after you.
Last week, law enforcement officials launched yet another investigation into Tether’s use in funding illegal activities. This is the 19th time since 2015 that Tether has attracted the government’s action.
Next week’s election will define the future of crypto in the US. Positive regulatory changes and the potential adoption of $BTC as a strategic reserve asset could drive the market to new heights.
Meanwhile, Tether continues to dominate the stablecoin market. Given the law enforcement’s scrutiny, the company can only hope that presidential candidates deliver on their pro-crypto promises.
References
- Federal Investigators Probe Cryptocurrency Firm Tether (The Wall Street Journal)
- Tether CEO Paolo Ardoino Hopes For Net Positive From US Elections (99Bitcoins)
