Firstly, the expectations of the market for the policies of different candidates directly affect Bitcoin prices. Kendrick pointed out that if Trump wins, Bitcoin prices could soar to $150,000 because the market perceives Trump as more favorable towards cryptocurrencies. In contrast, although the Biden administration has recently shown a pragmatic attitude towards approving a spot Ether ETF, the veto of Biden on efforts to repeal SAB 121 indicates a more conservative stance on cryptocurrencies.