Macro factors in Canada and US good for Bitcoin's price — WonderFi CEO

In November 2024, Dean Skurka, President and CEO of WonderFi, highlighted several macroeconomic factors in Canada and the United States that could positively influence Bitcoin's price over the next 6 to 24 months. 

Interest Rate Cuts:

• Bank of Canada: Recently reduced interest rates by 50 basis points.
• U.S. Federal Reserve: Initiated a rate-cutting program in September 2024.

Skurka believes these actions will encourage both retail and institutional investors to enter the market or expand existing positions. He noted that the mere signal of rate cuts and the stabilization of rates can boost short-term investor optimism, even before the effects fully materialize in the markets—a process that typically takes 6 to 18 months.

2024 U.S. Presidential Election: Skurka identified the upcoming election as a significant catalyst for Bitcoin's price. He observed that the crypto industry perceives a potential Trump presidency as more favorable for cryptocurrencies, while a Harris victory might lead to short-term price volatility. Nonetheless, he emphasized that, regardless of the election outcome, Bitcoin's long-term price trajectory is expected to rise. He anticipates a more positive and crypto-friendly regulatory environment in the U.S. post-election, driven by industry advocacy efforts.

Additionally, Skurka pointed to substantial inflows into Bitcoin ETFs, indicating strong and sustained institutional interest, which further contributes to a favorable outlook for Bitcoin in the coming years.

These insights suggest that current macroeconomic trends and political developments in North America could play a pivotal role in shaping Bitcoin's market dynamics in the near future.