Bitcoin Price Rises as U.S and Canada Economic Factors Align

Recent economic developments in the United States and Canada are creating a favorable environment for Bitcoin's price, according to industry experts. Dean Skurka, President and CEO of WonderFi, highlighted that interest rate cuts by both countries' central banks and the upcoming 2024 US Presidential election are key factors contributing to this trend.

The Bank of Canada recently reduced interest rates by 50 basis points, while the US Federal Reserve has been implementing a rate cut program since September 2024. These measures are expected to attract both retail and institutional investors to the cryptocurrency market, boosting Bitcoin's price.

Skurka also pointed out that the global shift towards lower interest rates presents a compelling opportunity for the digital asset ecosystem to expand. He believes that the signal of rate cuts and the expectation that rates will not rise further are making investors optimistic in the short term.

Additionally, the 2024 U.S Presidential election is seen as a major catalyst for Bitcoin's price. The crypto industry generally views a Trump presidency as more favorable for cryptocurrencies, while a potential Harris win could cause a short-term price shock. However, Skurka is confident that the long-term price of Bitcoin will continue to rise regardless of the election outcome, as the regulatory climate in the US is expected to become more positive and friendly towards cryptocurrencies.

Significant inflows into Bitcoin ETFs also suggest strong and sustained institutional interest, creating a very positive setup for Bitcoin over the next several years.