Bernstein: If Trump wins the presidential election, the price of Bitcoin could reach 80-90 thousand dollars

Bernstein analysts have reiterated their prediction that if Donald Trump wins the presidential election next month, the price of Bitcoin could reach $80,000 to $90,000. Although they expect Bitcoin to perform well in the long term regardless of the outcome, they say that if Kamala Harris wins, Bitcoin may retest the $40,000 range.

This year Trump has repositioned himself as a candidate supportive of cryptocurrencies - accepting them as campaign donations and outlining policies such as turning America into a "powerhouse" for bitcoin mining, appointing a crypto-friendly SEC chairman and establishing national strategic bitcoin reserves.

In contrast, Harris only recently mentioned cryptocurrency in any speeches or policy statements. Last month she made broader comments saying she would encourage cryptocurrency businesses while protecting consumers; America should "dominate" in blockchain technology and digital assets are part of her vision for an "opportunity economy". While Bernstein analysts believe that against a backdrop of low interest rates, ongoing U.S. fiscal deficits and unprecedented levels of debt, Bitcoin will perform well in the long run no matter what happens; however short-term reactions to elections could be substantial.