Bitcoin (BTC) recently achieved an all-time high of over 100,000 Canadian dollars, currently priced around $69,447.
Dean Skurka, CEO of WonderFi, predicts that upcoming interest rate cuts in Canada and the U.S., along with the 2024 U.S. Presidential election, will drive Bitcoin’s price higher in the next six to twenty-four months.
He highlighted the Bank of Canada’s recent 50-basis-point cut and the U.S. Federal Reserve’s ongoing rate reductions as catalysts for attracting retail and institutional investors.
Skurka believes these trends reflect a global shift toward lower interest rates, enhancing the digital asset ecosystem’s appeal.
Additionally, he noted that while a potential Trump presidency might benefit the crypto sector, Bitcoin’s long-term growth is expected regardless of the election outcome, with advocacy efforts likely leading to a more favorable regulatory environment.
He views the combination of these factors and substantial Bitcoin ETF inflows as setting a positive trajectory for Bitcoin in the coming years.
According to new data shared by Bitcoin Magazine Pro, publicly traded companies now collectively hold over 844,822 BTC, valued at more than $100.5 billion, marking a historic milestone for institutional Bitcoin adoption.
Trump Media and Technology Group, the parent company of Truth Social, Truth+, and Truth.Fi, has officially disclosed that it now holds approximately $2 billion in Bitcoin and Bitcoin-related securities.
Michael Saylor’s Strategy has confirmed another major Bitcoin purchase, acquiring 6,220 BTC last week for approximately $739.8 million.
Bitcoin’s derivatives market is heating up, with open interest climbing back to $42 billion while funding rates continue to surge.