A former U.S. government official said the price of Bitcoin would exceed $74,000 after the U.S. election. What’s next for ETH?

The cryptocurrency market has been on a roller coaster lately. Both Bitcoin (BTC) and Ethereum (ETH) have experienced significant price fluctuations.

Recently, a prominent former US government official added another layer of excitement with his bold predictions about Bitcoin’s post-US presidential election future. Let’s dig deeper into this prediction and see what the future holds for the Ethereum (ETH) market.

Former Government Official Predicts Bitcoin Could Hit New Highs as US Election Continues

A former US government official who requested anonymity sent shockwaves through the crypto community with his bold prediction that the upcoming US presidential election could bring about a new all-time high (ATH) for Bitcoin (BTC). Specifically, he stated that if President Joe Biden wins the November election, Bitcoin (BTC) could act as a catalyst to reach a new ATH.

Echoing this sentiment, he predicted that Bitcoin (BTC) could exceed $74,000 if Joe Biden is elected president. Donald Trump, on the other hand, recently confirmed his support for Bitcoin (BTC) and other cryptocurrencies, and promised to end Biden’s war on Bitcoin (BTC) and cryptocurrencies in general if he wins the election.

However, skepticism remains about Trump’s intentions given his previous stance on Bitcoin (BTC) and other cryptocurrencies during his presidency. Meanwhile, an anonymous former official emphasized that the Biden administration is actually open to Bitcoin (BTC) and other cryptocurrencies, despite appearances. He emphasized that the situation for Bitcoin (BTC) and the cryptocurrency industry will improve if Biden wins the November election.

Ethereum’s Potential Spot ETF Approved: A Bullish Signal for ETH Price

SEC Chairman Gary Gensler has often been at odds over which cryptocurrencies are considered securities. The Howey Test provides specific criteria for identifying commodities such as bonds and stocks, but the U.S. government’s position remains ambiguous. The SEC has argued that Ethereum passed the Howey Test but is still a security. The CFTC, on the other hand, has argued that Ethereum is not a security.

Why is this important? The laws and regulations surrounding the buying and selling of securities are much more stringent. According to the latest information, not only will Ethereum not be classified as a security, but an Ethereum spot ETF may be approved on July 4th. Gensler noted that the process is “going smoothly.”

With asset managers like Blackrock and Franklin Templeton awaiting approval for their Ethereum Spot ETF, this could be a very bullish signal for the price of ETH. Ethereum could follow a similar trajectory to Bitcoin, with the bullish news not yet reflected in the price of ETH, potentially resulting in a huge rally as retail and institutional money flows into the Ethereum ETF.

Given the recent bearish news and the government’s massive sale of confiscated Bitcoin, an Ethereum spot ETF could be hitting the market at the perfect time for the ETH price to rise.

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