Bitcoin Stability and Crypto Outlook: Expert Insights from IDX Advisors Chief Investment Officer

Bitcoin (BTC-USD) has been on a rollercoaster ride of volatility in recent months, but it seems to be finding stable ground after reaching an all-time high earlier in 2024. The crypto space has also seen gains in ethereum (ETH-USD) following the approval of spot ether ETFs by the Securities and Exchange Commission (SEC) in late May.

Ben McMillan, Chief Investment Officer at IDX Advisors, shared his cryptocurrency outlook based on ETF inflows, comments from traditional investors like Peter Thiel, and the potential impact of the upcoming presidential election on the crypto market.

McMillan emphasized the positive correlation between Bitcoin and risk assets, noting that it is likely here to stay. He cautioned investors to consider this correlation when incorporating Bitcoin into their portfolios, as it behaves more like a high beta tech stock.

Regarding the presidential election, McMillan highlighted the growing influence of the crypto lobby and the importance of politicians understanding the innovation potential of cryptocurrencies. He noted that the crypto community seems to favor a Trump outcome due to his perceived support for the industry.

Overall, McMillan expressed optimism about the future of Bitcoin, predicting that it will set new highs in the next 12 to 24 months despite potential volatility. He emphasized the need for investors to approach Bitcoin as a high beta asset and factor in its correlation to risk assets when making investment decisions.

For more expert insights and the latest market action, viewers can watch the full episode of Market Domination Overtime. This news story was written by Luke Carberry Mogan.