Bernstein predicts Bitcoin at $90k with Trump win
Bernstein, a private wealth management firm, is out with a new prediction that Bitcoin (CRYPTO:BTC) could see big swings depending on the outcome of the U.S. Presidential election in November 2024.
If former President Donald Trump wins, the firm believes Bitcoin could climb to a new all-time high, potentially reaching between $80,000 and $90,000 by late 2024.
On the other hand, a victory for Vice President Kamala Harris might push Bitcoin lower, possibly testing the $30,000 to $40,000 range.
The report, put together by Bernstein's analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra, describes Bitcoin as a "Trump trade," suggesting that the digital asset could benefit under Trump’s policies.
Trump’s recent remarks about the crypto industry—promising to remove SEC Chairman Gary Gensler and calling for the U.S. to become the "crypto capital"—have signaled a favorable stance that could encourage investment and growth in the sector.
Meanwhile, a Harris win could mean a different story for Bitcoin.
Even though the Democratic campaign has shown some openness to digital assets lately, Bernstein's team expects that a Harris administration would likely take a more cautious regulatory approach.
“We expect the delta between the two political outcomes to be wide,” they noted, pointing to a sharp divide in Bitcoin’s potential future based on who takes office.
Trump’s shift from being a Bitcoin sceptic to a supporter could resonate with crypto investors, especially given his criticism of the current administration's regulatory stance, which he claims hinders innovation.
Harris’s campaign, for its part, is making some moves to connect with the crypto community, including accepting crypto donations through Coinbase's Commerce platform.
However, to gain traction among crypto enthusiasts, more engagement may be needed.
At the time of writing, the Bitcoin (BTC) price was $56,601.23.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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