CleanSpark CEO Predicts Bitcoin Could Reach $200,000 Post-U.S. Election

CleanSpark's CEO, Zach Bradford, recently shared some exciting news about Bitcoin. He believes that the price could soar to nearly $200,000 within the next 18 months. In a conversation with Bernstein, he mentioned that this bullish trend is likely to start after the U.S. presidential election.

“I really think we could see Bitcoin peak just under $200,000 in the next year and a half,” he said. He pointed out that it’s not just about who wins the election, but rather the certainty that comes once it’s over.

Bradford explained that the period following elections usually brings more stability. This stability can ease market jitters and create a better environment for Bitcoin to grow. He emphasized that CleanSpark is currently focused on mining, which he believes offers immediate opportunities compared to other technologies, like AI.

“Bitcoin mining infrastructure allows for quicker returns,” he stated. “We can start generating revenue in just weeks instead of years.” He added, “The best way to use our capital is to acquire as much Bitcoin as possible right now.” By consolidating in the mining space and securing efficient power contracts, CleanSpark aims to take advantage of the expected market surge.

Even with the uncertainties surrounding the election, Bradford feels that once it concludes, it could remove some market anxiety. “I believe we’ll see a meaningful push in Bitcoin prices after the election through January,” he said. “This should lead to significant margin expansion for miners who have efficient cost structures.”

In other news, Bitcoin spot ETFs have pulled in over $1 billion in net inflows this past week. This marks the highest inflow since July. An expert noted that this trend shows institutional investors are becoming more receptive to digital assets. This surge in investment comes while Bitcoin’s price hovers around $64,000, despite a slight dip in early trading on Monday. BlackRock's Ethereum ETF (ETHA) led the inflows with $94.9 million, followed by Fidelity's Ethereum ETF (FETH) with $64.9 million.

Experts also predict that Ethereum staking yields could surpass U.S. interest rates in the coming year. This shift might boost Ethereum's price as investors look for higher returns. With falling rates and rising transaction fees on the Ethereum network, market dynamics are expected to narrow the gap between Ethereum staking returns and traditional risk-free rates in the upcoming quarters.

Meanwhile, fintech giants Robinhood and Revolut are exploring the possibility of launching their own stablecoins. According to unnamed sources, both companies are eyeing the stablecoin market at a time when Tether (USDT) commands about 68% of the $173.5 billion category, with a market cap of $119 billion. With clearer regulatory frameworks in Europe, these companies could introduce new competition to the space.