Bitcoin Could Reach $90,000 if Trump Wins 2024 Election: Bernstein Report

Bitcoin could see a significant price increase if Donald Trump wins the 2024 U.S. presidential election, a recent report by asset manager Bernstein revealed.

The report suggested that Bitcoin could reach as high as $80,000 to $90,000, surpassing its previous all-time high of $73,000 in March of this year. The research highlighted that Trump’s victory could positively influence the cryptocurrency market, driven by his growing support for digital assets.

Bernstein’s report pointed to a change in Trump’s stance on cryptocurrencies. Five years ago, Trump criticized Bitcoin on X (formerly Twitter), stating that it was “not money” and that its value was based on “nothing at all.” However, his recent campaign has shown a change in perspective, focusing on positioning the U.S. as a leader in the crypto space.

Trump’s speeches have included calls for policies that favor Bitcoin and cryptocurrency growth. At the Bitcoin Nashville conference in July, he called for the U.S. to become a “bitcoin mining powerhouse,” appoint a crypto-friendly SEC chairman, create a national strategic bitcoin stockpile, and establish a crypto advisory council to the President.

The report noted that “Trump has been very vocal about making America the ‘bitcoin and crypto capital of the world.'” After the last three years of regulatory purge, a positive crypto regulatory policy can spur innovation again and bring users back to financial products on the blockchain,” the report said.

On the other hand, Bernstein’s report presented a contrasting scenario if Kamala Harris, the Democratic nominee, were to win the election. It suggested that Bitcoin might struggle to maintain its value under a Harris presidency. The report forecasts that Bitcoin could break its current floor around the $50,000 level and potentially test the $30,000 to $40,000 range. According to Bernstein, “Crypto has not even been mentioned in any of Harris’s speeches.”

The firm added that Harris’s approach to crypto could lead to concerns about the regulatory environment under her administration. Bernstein stated, “Harris’ unwillingness to even address the asset class has many concerned about what her administration would bring for crypto.” This perspective contrasts sharply with the potential policies under a Trump administration, suggesting a more challenging environment for Bitcoin if Harris were elected.

Bernstein’s report also commented on the uncertain nature of election outcomes and their impact on the crypto market. It mentioned that “elections remain hard to call,” but notes that those optimistic about cryptocurrency are likely banking on a Trump victory. The report concluded by discussing the current challenges the crypto market faces, citing “two significant headwinds for the past three years, macro and regulatory.”

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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