As the 2024 U.S. presidential election approaches, its potential impact on Bitcoin has become a hot topic.
Bernstein’s latest report outlines a stark contrast in Bitcoin's future depending on the winner—Donald Trump’s victory could drive prices up to $90,000, while Kamala Harris’s win might cause a significant drop below $50,000.
Pro-crypto policies could be the key factor in shaping the future of blockchain technology and cryptocurrency adoption.
How will the election results influence the crypto market? Read on to explore the possible scenarios.
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Bitcoin Price Prediction: $90,000 Under Trump, $30,000 Under Harris
According to a report published by the prominent U.S. asset management firm Bernstein on September 9, 2024, Bitcoin (BTC) could hit new all-time highs if Donald Trump wins the upcoming U.S. presidential election.
Multiple sources have revealed Bernstein’s outlook, suggesting that the cryptocurrency could experience significant price volatility depending on the election outcome.
Bernstein predicts that if Donald Trump secures a second term, Bitcoin could soar to $90,000. However, if Kamala Harris were to win, they foresee the price potentially dropping below the $50,000 mark, with a possible dip into the $30,000–$40,000 range.
The firm anticipates that should Trump win, BTC may reach the $90,000 threshold by the fourth quarter of 2024. Conversely, under a Harris victory, a downward shift could see Bitcoin testing lower price ranges beneath $50,000.
Pro-Crypto Policies Could Accelerate Technological Adoption
This price forecast takes into account the differing stances of Trump and Harris on cryptocurrency. Pro-crypto policies are seen as drivers for innovation, potentially accelerating the adoption of blockchain technologies.
Donald Trump has repeatedly emphasized his vision to make the United States a hub for Bitcoin and cryptocurrency.
On the other hand, Kamala Harris has yet to address cryptocurrency in any of her public speeches, leading to speculation that the presidential race could significantly impact BTC's market trajectory.
Currently, the U.S. regulatory environment is largely hostile toward cryptocurrency, with many crypto assets classified as securities, and hefty fines imposed on crypto companies.
However, Trump’s pro-crypto platform, which includes initiatives like encouraging Bitcoin mining, removing the current SEC chairman, protecting the rights of crypto holders, and even using BTC for debt repayment, is expected to provide a long-term boost for the cryptocurrency market.
This, in turn, could drive Bitcoin’s price upward if Trump were to win the presidency.
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