Bitcoin (BTC) has recently soared to a new record, surpassing 100,000 Canadian dollars. Dean Skurka, the President and CEO of WonderFi—a company specializing in digital financial services—asserts that the combination of interest rate reductions in Canada and the United States, along with the impending 2024 U.S. Presidential election, will likely propel Bitcoin’s price even higher over the next 6 to 24 months.
In a conversation with Cointelegraph, Skurka elaborated on the Canadian central bank’s recent decision to lower interest rates by 50 basis points, as well as the U.S. Federal Reserve’s ongoing rate-cutting initiative, which began in September 2024. He believes these factors will incentivize both retail and institutional investors to either enter the market or bolster their existing positions.
Skurka emphasized to Cointelegraph that these interest rate reductions are part of a broader global trend in monetary policy. He pointed out that the “signal of cuts and the notion that rates are unlikely to rise further” have fostered a sense of optimism among investors. This optimism is expected to persist in the short term until the effects of these capital injections become evident in the markets—typically within a 6 to 18-month window after the cuts are announced.
Looking ahead to the 2024 U.S. Presidential election, Skurka identified it as a significant factor influencing Bitcoin’s value. He noted that the cryptocurrency sector generally views a potential Trump presidency as more favorable for the industry, while a victory for Harris could trigger a temporary price decline.
Despite these political uncertainties, Skurka maintains that Bitcoin’s long-term price trajectory will trend upward, irrespective of the election outcome. He anticipates a shift in the regulatory landscape in the U.S. following the November elections, driven by mounting pressure from industry advocacy groups.
According to Skurka, these elements, combined with substantial inflows into Bitcoin ETFs—which indicate robust and lasting institutional interest—establish a “very positive setup” for Bitcoin over the coming years.