Bernstein: If Trump wins the presidential election, the price of Bitcoin could reach 80,000 to 90,000 US dollars

In a message from ChainCatcher, Bernstein analysts reiterated their prediction that if Donald Trump wins the presidential election next month, the price of Bitcoin could reach $80,000 to $90,000.

While analysts expect Bitcoin to perform well in the long term under any outcome, they said that if Kamala Harris wins, Bitcoin might 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 crypto-friendly SEC chairs 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. She believes America should "dominate" in blockchain technology and digital assets are part of her vision for an "opportunity economy".

Although Bernstein analysts believe that against a backdrop of low interest rates, persistent US fiscal deficits and unprecedented levels of debt; regardless of the outcome Bitcoin will perform well over time. However short-term reactions to elections could be substantial.