Bit Digital CEO Discusses Biden vs. Trump, ETFs, and Bitcoin Price Outlook

Earlier this week, exchange-traded funds (ETFs) experienced their highest buying activity since early June, a time when the original cryptocurrency was trading above $73,000.

In an interview, Sam Tabar, CEO of Bit Digital Inc., shared his insights on the favorable reception of 10 recently approved spot Bitcoin ETFs. He also addressed the upcoming U.S. election, Bitcoin price predictions, and more.

### ETFs Progress Noted

Tabar, who leads a sustainability-focused bitcoin mining firm, expressed his satisfaction with how these ETFs are opening up a new avenue for individuals and organizations to gain exposure to underlying assets.

“These have been among the most successful ETF launches in history and have driven the majority of new ETF inflows in 2024,” Tabar remarked. “It reflects a significant appetite for digital asset exposure from entities that were previously limited for various reasons.”

Investors are currently seeing strong inflows, even as Bitcoin faces considerable selling pressure from multiple sources, including repayments related to the now-defunct crypto exchange Mt. Gox and significant transfers of BTC from the German government to exchanges. Some see the current dip as a buying opportunity.

Leading the inflows is BlackRock, which added $121 million, bringing its total net inflows to over $18 billion. Fidelity followed with $91 million in inflows, increasing its total to $9.5 billion, while ARK received $43.3 million, raising its total to $2.5 billion. On the other hand, Grayscale experienced an outflow of $37.5 million, and Bitwise saw a reduction of $4.7 million. Overall, total inflows into Bitcoin ETFs now stand at $15.3 billion.

### Biden vs. Trump

Regarding the presidential race between Biden and Trump and its potential impact on cryptocurrency regulations, Tabar noted that Trump is generally seen as the pro-crypto candidate, which might bode well for the industry.

He highlighted the differing positions of the two candidates: “The consensus seems to be that Trump would be the more favorable policymaker for crypto.” He acknowledged the unpredictability of political campaigns but pointed out that cryptocurrency was notably absent from the first debate.

Tabar emphasized the contrasting approaches of the two administrations. The current administration has suggested a possible tax on bitcoin mining, which could harm the domestic market, while Trump has expressed his desire for all future Bitcoin to be mined in the U.S.

The presumptive Republican nominee has also indicated plans to ease cryptocurrency regulations if elected, promoting innovation in the sector. Trump’s shift from skepticism to support for crypto appears to resonate with an enthusiastic section of the community.

Despite significant fundraising efforts by crypto lobbyists, neither candidate mentioned cryptocurrency during a recent 90-minute debate. Three crypto-backed super political action committees raised $202.8 million from industry supporters but did not receive any attention in the debate.

Interestingly, crypto billionaire Michael Novogratz has aligned with a group of prominent business leaders urging President Biden to reconsider his candidacy for re-election.

### Bitcoin Price Forecast

The long-term prospects of Bitcoin continue to be a topic of intense debate, focusing on its potential as a store of value, currency, or technology. Discussing realistic price targets for Bitcoin by the end of the decade, Tabar shared his belief that “the long-term trend is upward.” He anticipates cyclical fluctuations in the short term but sees a structural upside as investments in cryptocurrencies become more normalized.

Tabar speculated that investors may soon prefer Bitcoin as “digital gold.” He believes Bitcoin could eventually surpass the gold market in value. While he wouldn’t be surprised to see Bitcoin reach $1 million, he acknowledged that predicting the timeline and trajectory remains challenging. To manage volatility risks, Bit Digital has developed a business model that generates steady cash flow, allowing them to benefit from Bitcoin’s long-term potential without constant concern over short-term price dips.

“Now we have a stable cash flow-producing venture that enables us to embrace the structural upside of Bitcoin without losing sleep over price fluctuations,” Tabar concluded.