Macro factors in Canada and US good for Bitcoin's price — WonderFi CEO
Bitcoin (BTC) recently reached an all-time high of over 100,000 Canadian dollars. Dean Skurka, President and CEO of WonderFi, predicts that interest rate cuts in Canada and the US, along with the 2024 US Presidential election, will drive Bitcoin prices higher in the next 6-24 months. The Bank of Canada's recent 50 basis points rate cut and the US Federal Reserve's ongoing rate cuts are expected to attract retail and institutional investors. Skurka noted that these global monetary policy shifts create opportunities for the digital asset ecosystem. He emphasized that investor optimism is rising due to signals of sustained low rates. The upcoming US Presidential election is seen as a catalyst, with expectations that a Trump presidency would favor crypto, while a Harris win might cause short-term volatility. Regardless of the election outcome, Skurka anticipates a more favorable regulatory environment for Bitcoin due to industry lobbying efforts. Significant Bitcoin ETF inflows indicate strong institutional interest, contributing to a positive outlook for Bitcoin in the coming years.
