Bitcoin’s Price Predictions Linked to 2024 U.S. Presidential Election Outcomes

Bitcoin’s Future Linked to U.S. Election Outcomes

According to a research report released by Bernstein on Monday, Bitcoin (BTC) is projected to experience significant price movements depending on the outcome of the upcoming U.S. presidential election in November. If Donald Trump secures victory, analysts predict that Bitcoin could soar to new heights, potentially reaching an impressive $90,000 by the fourth quarter of this year.

In contrast, should Kamala Harris emerge as the winner, the largest cryptocurrency by market capitalization may struggle, breaking its current support level around $50,000 and possibly testing the lower range of $30,000-$40,000, as outlined in the report.

Bernstein highlighted Trump’s vocal commitment to establishing the United States as the “bitcoin and crypto capital of the world.” Throughout his policy speeches, he has consistently brought attention to digital assets. Notably, during his address at the Bitcoin Nashville conference in July, Trump advocated for the U.S. to become a dominant force in bitcoin mining. He proposed several initiatives, including:

• The appointment of a crypto-friendly chairman for the Securities and Exchange Commission (SEC).
• The creation of a national strategic bitcoin stockpile.
• The establishment of a crypto advisory council to assist the President.

On the other hand, the report pointed out that cryptocurrency has not been mentioned at all in Kamala Harris’s speeches, indicating a stark contrast in their approaches to digital assets.

Bernstein’s analysts, led by Gautam Chhugani, emphasized that the cryptocurrency market has faced two major challenges over the past three years: macroeconomic factors and regulatory scrutiny. They noted, “After enduring a regulatory purge over the last three years, a shift towards positive crypto regulatory policies could ignite innovation and attract users back to financial products built on the blockchain.”

While the outcomes of the elections remain uncertain, the report concluded with a thought-provoking statement: “If you are investing in crypto at this juncture, it seems you are making a bet on Trump’s potential victory.”