Despite the increasing partisan sentiment in the cryptocurrency industry, bitcoin is expected to flourish in the long term, unaffected by the outcome of the upcoming US presidential election in November. Many crypto investors have come to accept this view as the wave of optimism stemming from former President Donald Trump's pro-crypto stance starts to diminish.

Steven Lubka, the head of private clients and family offices at Swan Bitcoin, expressed confidence in bitcoin's future, stating, "Do I think we'll be in the six figures by 2025? Almost certainly. Do I think we'll be in the six figures regardless of who wins? Almost certainly." Lubka emphasized that bitcoin's investment potential is deeply tied to the fiscal and monetary standing of countries, including the United States, and neither presidential candidate would significantly alter this fundamental aspect.

James Davies, co-founder of Crypto Valley Exchange, dismissed fears that a potential Kamala Harris presidency would dampen bitcoin prices or impede its growth. While acknowledging that crypto startups may face challenges, Davies asserted that the industry as a whole will continue to progress and thrive. He also highlighted the increasing institutionalization of bitcoin this year, with the introduction of US bitcoin exchange-traded funds (ETFs).

Davies emphasized the resilience of the cryptocurrency market, stating that its robustness surpasses the influence of US politics and major events. He underscored the importance of opportunities and regulation for US-based users rather than solely focusing on the global commodity's price. Davies stressed the need for the crypto industry to learn from traditional finance, lobby both sides of the political spectrum, and transcend partisan divisions to build a robust ecosystem.

Lubka agreed with Davies, noting that concerns about a Harris presidency affecting the crypto industry are often overstated. Lubka highlighted the positive signs indicating a de-escalation of anti-crypto rhetoric under Harris. Tyrone Ross, founder and president of registered investment advisor 401 Financial, shared similar sentiments, stating that the election results would have minimal impact on bitcoin's performance over the next 12 to 18 months.

Bitcoin has maintained a trading range between $55,000 and $70,000 for most of 2024, following its all-time high above $73,000 in March. While election news has historically impacted bitcoin's price, recent market fluctuations have been more influenced by macroeconomic developments. A recent 3% drop in bitcoin's value after the Harris-Trump debate was attributed to interest rate updates in Japan and positioning around US inflation data for August.

Speculation had initially suggested that the US presidential election could serve as a catalyst for bitcoin, particularly if Trump were to secure a second term. Bernstein analysts even suggested that a Trump victory could propel bitcoin to a new all-time high near $80,000. However, concerns have arisen within the industry, as Vice President Harris is believed to hold views similar to Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler, which are seen as impeding crypto adoption.

While Bitcoin's performance during the Biden administration has yielded positive results, analysts and experts remain attentive to the industry's future in light of the administration's stance on bitcoin. Despite this, Lubka reminded investors that bitcoin has historically been one of the most successful assets in the world, even amid government hostility.

Daniel Cawrey, chief strategy officer at crypto wallet operator Tonkeeper, noted that the ongoing US election has brought the crypto conversation to the forefront. Although President Biden has largely ignored the industry, Harris has engaged with stakeholders, raising hopes for improved guidelines beneficial to the industry.

In conclusion, crypto experts predict that bitcoin will continue to thrive regardless of the US election outcome. While short-term market reactions may vary depending on the winner, the long-term trajectory of bitcoin remains positive. The industry's focus now lies in building a strong ecosystem through engagement with both sides of the political spectrum and the development of robust regulation.