As we look ahead to the upcoming U.S. presidential elections this November, the race between Republican Donald Trump and Democrat Kamala Harris is heating up. But for many Bitcoiners, it’s not just about politics—it’s about what this could mean for the flagship cryptocurrency. Trump’s ambitious plans for the U.S. Bitcoin and crypto industry have investors hopeful that a win for him could bring a big boost to the market.
According to analysts at Bernstein, a potential Trump victory could send Bitcoin’s price soaring. They believe that if Trump secures the win, we could see an immediate response from the market, with Bitcoin possibly climbing to as high as $90,000.
Bitcoin as the ‘Trump Trade’
Bernstein analysts have even labeled Bitcoin a “Trump trade” because of how closely its price seems tied to Trump’s political fortunes.
Trump has made it clear that he wants the U.S. to lead the world in Bitcoin and crypto. He’s promised to end what he calls Joe Biden’s “war on crypto”, to stop selling confiscated Bitcoin, and floated the idea of adding over 200,000 seized Bitcoins to the U.S. treasury. For crypto enthusiasts, this vision is exciting and sets Trump apart from his competitors.
On the other hand, Harris might be more crypto-friendly than Biden, but her stance hasn’t been as bold or specific. While she might support policies that encourage the growth of the crypto sector, it’s tough to match Trump’s level of enthusiasm and promises.
What Happens to Bitcoin if Harris Wins?
Bernstein analysts predict that Bitcoin could hit $80,000 to $90,000 if Trump takes the win in November. However, if Harris becomes the 47th president, they think Bitcoin might struggle to stay above $30,000 to $40,000. The analysts explain that the crypto industry has felt more supported under Trump’s influence, even if it’s mainly been rhetoric for now.
While some leaders in the crypto world have warmed up to Harris’s campaign and hope for friendlier policies, Bernstein believes the market impact of these two political outcomes would be starkly different.
Harris’s Crypto Approach: A Softer Touch?
Harris hasn’t spoken much about her crypto stance, but there are hints she may lean towards a more supportive approach than Biden. Despite being part of the same administration, Harris could be open to policies that foster the crypto sector’s growth.
Brian Nelson, a key advisor to Harris’s campaign, recently indicated that if Harris were elected, her administration would aim for clearer and more stable crypto regulations. This approach would be a departure from the current policies, which have often been criticized for being heavy-handed and unclear.
As the election draws closer, we’ll continue to watch how these developments could affect Bitcoin’s future. For now, it’s a waiting game, but let’s be honest, for now the stakes for Bitcoin adepts couldn’t be higher.
Follow us at HowToBuyBitcoin.org for the latest insights on Bitcoin