Author: Sahil Thakur
Bitcoin’s future could greatly hinge on the outcome of the upcoming U.S. presidential election, according to analysts from Bernstein. They foresee vastly different trajectories for the cryptocurrency based on whether Donald Trump or Kamala Harris wins. If Trump secures the presidency, bitcoin could soar to between $80,000 and $90,000 by the end of 2024. However, should Harris win, the digital asset may drop to the $30,000 to $40,000 range, breaking its current floor around $50,000. These projections are based on Trump’s vocal support for cryptocurrency and his promise to make the U.S. a global leader in bitcoin and crypto-related policies.
The analysts also emphasized that the crypto industry has experienced harsh regulatory challenges over the past three years. These include high interest rates draining liquidity from decentralized finance platforms and regulatory crackdowns on major companies like Coinbase and Uniswap. However, they believe that positive regulatory reforms could remove barriers for institutional investors and spur innovation in the sector.
While Trump currently leads Harris in decentralized prediction markets, the analysts caution that elections are hard to predict. They view the crypto market as being closely tied to the political landscape, noting that investors holding bitcoin ahead of the election are effectively making a “Trump trade.” The outcome of the election could, therefore, play a pivotal role in shaping the future of bitcoin and the broader crypto market.
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