Former US Government Official Says Bitcoin Price Will Cross $74K After US Elections, What’s Next for ETH?

The
cryptocurrency
market
has
been
on
a
rollercoaster
ride
lately,
with
both
Bitcoin
(BTC)
and
Ethereum
(ETH)
experiencing
significant
price
fluctuations. 

Recently,
a
prominent
former
US
government
official
added
another
layer
of
intrigue
with
a
bold
prediction
about
Bitcoin’s
future
post-US
elections.
Let’s
delve
deeper
into
this
prediction
and
also
explore
what’s
ahead
for
the
Ethereum
(ETH)
market.

US
Presidential
Elections
Could
Propel
Bitcoin
to
New
Heights,
Predicts
Former
Official

A
former
US
government
official,
wishing
to
remain
anonymous,
has
sent
shockwaves
through
the
crypto
community
with
his
bold
prediction.
He
stated
that
the
upcoming
US
Presidential
elections
could
bring
new
all-time
highs
(ATHs)
for
Bitcoin
(BTC).
Specifically,
he
mentioned
that
if
President
Joe
Biden
wins
the
elections
in
November,
it
could
act
as
a
catalyst
for
Bitcoin
(BTC)
to
reach
new
ATHs.

Echoing
this
sentiment,
he
predicted
that
Bitcoin
(BTC)
could
cross
$74,000
if
Joe
Biden
secures
the
presidency.
On
the
flip
side,
Donald
Trump
has
recently
affirmed
his
support
for
Bitcoin
(BTC)
and
other
cryptocurrencies,
promising
to
end
what
he
describes
as
Biden’s
war
on
Bitcoin
(BTC)
and
crypto
in
general
if
he
wins
the
elections.

However,
skepticism
remains
regarding
Trump’s
intentions,
given
his
previous
stance
against
Bitcoin
(BTC)
and
other
cryptocurrencies
during
his
presidency.
In
contrast,
the
anonymous
former
official
highlighted
that
the
Biden
administration
is
actually
open
to
Bitcoin
(BTC)
and
other
cryptos,
despite
appearances.
He
emphasized
that
things
would
improve
for
Bitcoin
(BTC)
and
the
crypto
industry
if
Biden
emerged
victorious
in
the
November
elections.

Ethereum’s
Potential
Spot
ETF
Approval:
A
Bullish
Signal
for
ETH’s
Price

Gary
Gensler,
chair
of
the
SEC,
has
frequently
flip-flopped
regarding
which
cryptocurrencies
are
considered
securities.
While
the
Howey
test
provides
specific
criteria
for
identifying
commodities
such
as
bonds
and
shares,
the
US
government’s
stance
remains
ambiguous.
The
SEC
claimed
that
although
Ethereum
passed
the
Howey
test,
it
was
still
a
security.
Conversely,
the
CFTC
asserted
that
Ethereum
was
not
a
security.

Why
does
this
matter?
The
laws
and
regulations
surrounding
the
sale
and
trading
of
securities
are
much
stricter.
The
latest
information
indicates
that
not
only
is
Ethereum
not
classified
as
a
security,
but
also
that
Ethereum
Spot
ETFs
could
be
approved
as
soon
as
July
4th.
Gensler
mentioned
that
the
process
is
‘going
smoothly.’

With
asset
managers
like
Blackrock
and
Franklin
Templeton
awaiting
approval
for
their
Ethereum
Spot
ETFs,
this
could
be
a
very
bullish
signal
for
ETH’s
price.
Ethereum
may
follow
a
similar
trajectory
as
Bitcoin,
where
the
bullish
news
has
not
yet
been
factored
into
the
ETH
price,
potentially
leading
to
a
massive
rally
as
retail
and
institutional
money
flows
in
via
the
Ethereum
ETFs.

Given
the
recent
bearish
news
and
significant
government
sales
of
seized
Bitcoin,
Ethereum’s
Spot
ETFs
could
hit
the
market
at
the
perfect
moment
for
ETH’s
price
growth.

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