Bitcoin is experiencing a bullish setup as investors prepare for the upcoming U.S. presidential election in November, according to Matthew Sigel, head of digital assets research at VanEck. He noted that Bitcoin’s price broke $69,000 on October 28, signaling potential growth ahead of the elections. Sigel pointed out similarities to the 2020 election when Bitcoin remained stable before experiencing high volatility following the announcement of the winner. The election pits Republican nominee Donald Trump, seen as a pro-crypto candidate, against Democrat Kamala Harris. VanEck projects Bitcoin could reach $2.9 million by 2050, driven by increasing demand for the cryptocurrency as a reserve asset for central banks. Sigel emphasized that if Bitcoin were to comprise just 2% of global central bank reserves, its value could reach around $3 million per coin.

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