Bitcoin (BTC) has recently soared to a historic peak, exceeding 100,000 Canadian dollars. Dean Skurka, the President and CEO of WonderFi, a digital financial services firm, posits that the anticipated interest rate reductions in Canada and the United States, along with the upcoming 2024 US Presidential election, will further propel Bitcoin’s value over the next 6 to 24 months.
In an interview with Cointelegraph, Skurka elaborated on the implications of the Bank of Canada’s recent decision to lower interest rates by 50 basis points, alongside the US Federal Reserve’s ongoing program to cut rates that commenced in September 2024. He believes these actions will motivate both retail and institutional investors to either enter the market or expand their current holdings.
Skurka emphasized that these rate reductions are part of a broader, global shift in monetary policy. He remarked that the “signal of cuts and the notion that rates are not on an upward trajectory” are sufficient to instill optimism among investors in the short term, even before the effects of capital injections from the lowered rates manifest in the market—a process that typically takes between 6 to 18 months following the announcement of the cuts.
Regarding the upcoming 2024 US Presidential election, Skurka identified it as another significant factor influencing Bitcoin’s pricing. He noted that the cryptocurrency sector generally views a potential Trump victory as favorable for crypto, while a win for Harris could trigger a temporary price decline.
Nevertheless, Skurka contended that regardless of the election outcome, Bitcoin’s long-term value is poised to rise. He anticipates a shift in the regulatory landscape in the US following the November elections, driven by political pressures from industry advocacy groups.
According to the WonderFi CEO, these factors, combined with substantial inflows into Bitcoin ETFs—which indicate robust and sustained institutional interest—create a “very positive setup” for Bitcoin in the coming years.