The foreign exchange M2, which is the aggregate of all fiat money in circulation, is fundamental to assessment of a country’s economic predictions.
Bitcoin just crossed the 100,000 CAD mark, an increase WonderFi CEO Dean Skurka said could be due to expected rate cuts in Canada and the US and the upcoming 2024 US presidential election.
According to Skurka the hope created by the idea of lower prices even before the rates come into force (it takes 6-18 months after the announcement on average) has contributed to investors’ enthusiasm.
Rate Cuts, Election Boost Bitcoin’s Bullish Outlook
He added that Bank of Canada the 50 basis point cut announced earlier in October is coupled with the US Federal Fund rate cut began in September 2024 to lure retail and institutional investors into buying more or take a fresh positions in the Bitcoin.
These rate cuts were mentioned by the WonderFi executive as a part of gradual global monetary changes, and the 2024 US presidential election was mentioned as the cause of Bitcoin’s price. According to Skurka, crypto markets may benefit from the Trump win, but may face short-term fluctuations in case of Harris victory.
Although, he claimed that Bitcoin’s price trend in the post-election period appears bullish in the long term, albeit owing to expected regulatory changes spurred by political dynamics and lobbying from the industry.
Moreover, Skurka pondered on view identifying that Bitcoin ETFs and the large amount of money being poured into these funds as signs of the institutional demand; what he referred to as a ‘very positive setup’ for the growth of BTC in the future two to three years.
