Bitcoin Poised to Reach $90,000 Amid Trump Election Victory, Says Bernstein
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The cryptocurrency market is on edge as the U.S. presidential election approaches, with analysts predicting significant volatility based on potential outcomes. Recent insights from brokerage and research firm Bernstein indicate that Bitcoin could reach impressive heights contingent on Donald Trump’s electoral success. Bernstein highlighted, “If you are long crypto here, you are likely taking a Trump trade,” underlining the strong sentiment among investors. This article explores how the upcoming U.S. presidential election may impact Bitcoin’s performance and the broader cryptocurrency landscape. Potential Bitcoin Surge Amid Trump’s Electoral Prospects Market analysts believe that Bitcoin could see a sharp increase, potentially rising to $90,000 by the end of the year if former President Donald Trump secures a victory in the upcoming elections. Bernstein’s analysts emphasize that Trump’s pro-crypto stance, including plans to appoint a crypto-friendly SEC chair, may drive the market toward significant highs. Trump’s Influence on Cryptocurrency Policy Trump’s advocacy for transforming the U.S. into a hub for cryptocurrency innovation reinforces investor optimism. The report underscores Trump’s intent to establish the U.S. as the “bitcoin and crypto capital of the world,” suggesting that his presidency could herald a more favorable regulatory environment for digital assets. The anticipated changes include appointing industry-friendly officials to key regulatory positions. Risks Associated with a Harris Administration In stark contrast, Bernstein’s analysis suggests that if Vice President Kamala Harris were to win the election, Bitcoin’s value could plummet below $50,000, potentially revisiting the $30,000 to $40,000 range. The lack of clear pro-crypto policies under a Harris administration raises concerns about continued regulatory scrutiny within the cryptocurrency sector. Regulatory Challenges Impacting the Crypto Market Over the past three years, the cryptocurrency market has been besieged by stringent regulations, leading to significant scrutiny on various platforms, including Coinbase and Uniswap. Bernstein stresses that without a shift toward a…
Filed under: News - @ September 10, 2024 12:14 am