WonderFi CEO: Macro Factors in Canada and U.S. Favor Bitcoin Price

On November 3, Dean Skurka, president and CEO of digital financial services firm WonderFi, argued that interest rate cuts in Canada and the U.S., as well as the upcoming 2024 U.S. presidential election, will continue to drive the price of bitcoin higher over the next 6-24 months.In an interview with Cointelegraph, Skurka explained that the Bank of Canada's recent decision to cut interest rates by 50 basis points, as well as the Federal Reserve's ongoing program of interest rate cuts beginning in September 2024, will encourage retail and institutional investors to enter the market or increase their existing positions. Skurka also highlighted the upcoming 2024 U.S. presidential election as a major catalyst for Bitcoin prices, with the cryptocurrency industry believing that Trump's election to the presidency will be beneficial for cryptocurrencies, while Harris' victory could cause a price shock in the short term.