Bitcoin (BTC) has recently surged to an unprecedented peak, surpassing 100,000 Canadian dollars. Dean Skurka, the President and CEO of WonderFi, a company specializing in digital financial services, believes that the combination of interest rate reductions in both Canada and the United States, along with the looming 2024 US Presidential election, will further propel Bitcoin’s price upward in the next 6 to 24 months.
In a discussion with Cointelegraph, Skurka elaborated on the implications of the Bank of Canada’s recent decision to lower interest rates by 50 basis points, as well as the US Federal Reserve’s ongoing program of rate cuts initiated in September 2024. He indicated that these actions are likely to entice both retail and institutional investors to enter the market or increase their existing holdings.
Skurka emphasized that these rate reductions are part of a broader, global trend in monetary policy. He pointed out that the “signal of cuts and the perception that rates won’t rise further” are sufficient to instill a sense of optimism among investors in the short term. He noted that it typically takes about 6 to 18 months for the effects of such capital injections from reduced rates to manifest in the markets.
In addition, Skurka identified the upcoming 2024 US Presidential election as a significant factor influencing Bitcoin’s price trajectory. He mentioned that the cryptocurrency sector generally views a potential Trump presidency as favorable for the industry, while a victory for Harris could lead to a temporary price downturn.
Nevertheless, Skurka contended that irrespective of the election outcome, Bitcoin’s long-term value is poised to rise. He anticipates a shift in the regulatory landscape in the United States following the November elections, driven by political pressure from industry advocacy groups.
According to the WonderFi CEO, these factors, coupled with substantial inflows into Bitcoin ETFs—indicative of strong and sustained institutional interest—contribute to a “very positive setup” for Bitcoin in the years to come.