Bitcoin (BTC) Achieved an All-Time High of Over 100,000 Canadian Dollars

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 Bitcoin’s price will rise over the next six to twenty-four months due to upcoming interest rate cuts in Canada and the U.S. He also believes that the 2024 U.S. Presidential election will play a role in driving the cryptocurrency’s price higher.

In an interview with the Financial Post, Skurka stated that the recent 50-basis-point cut by the Bank of Canada and the ongoing rate reductions by the U.S. Federal Reserve will attract both retail and institutional investors to Bitcoin.

“When you look at the Bank of Canada cutting 50 basis points and the U.S. talking about cutting rates, where else are you going to put your money in a 50-basis-point environment?” he said.

Skurka added that these trends are part of a broader global shift toward lower interest rates, which is making digital assets more appealing as an investment class.

“Everyone is talking about a global pivot to lower rates, and that’s going to help support Bitcoin and crypto,” he explained.

Furthermore, Skurka believes that a potential presidency of Donald Trump would be beneficial for the crypto sector. However, he also stated that Bitcoin’s long-term growth trajectory is expected to continue regardless of the election outcome.

“I think if Trump gets elected again, it will be good for crypto because he doesn’t really care about it,” Skurka said.

“He’s not going to go after it, and people who support Trump tend to be more libertarian-minded and pro-crypto. But even if Biden gets elected, I think the crypto community has done a good job of engaging with the administration, and we’re seeing some positive signs there.”

According to Skurka, these factors, combined with substantial inflows into Bitcoin ETFs, are setting the stage for a positive trajectory for Bitcoin in the coming years.

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