According to a report by research firm Bernstein, Bitcoin could reach $90,000 by the end of the year if Donald Trump wins the 2024 US presidential election.
Analysts noted that Trump’s positive stance on Bitcoin could significantly boost the cryptocurrency market. Trump has frequently promoted Bitcoin by mentioning it in his policy speeches. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Trump’s Supportive Attitude Towards Bitcoin
Trump argues that the US should take a leading position in the crypto industry, $55,278.30 He also proposed policies aimed at pioneering crypto mining, including appointing a crypto-friendly chairman for the Securities and Exchange Commission (SEC), creating a national strategic Bitcoin reserve, and establishing a crypto advisory council for the president.
Bernstein’s report highlighted that these initiatives could create a positive regulatory environment for cryptocurrencies.
Over the last three years, the crypto market has faced challenges due to macroeconomic factors and stringent regulatory actions. Regulatory measures, particularly against major crypto companies like Coinbase and Uniswap, have negatively impacted the market.
Market Liberation Depending on Election Results
According to Bernstein’s report, the crypto market’s recovery could depend on the election results. A positive result for Trump could remove existing barriers, allowing financial institutions to participate more actively in the market.
The report noted that Bitcoin ETFs are losing traction and institutional interest is waning. These ETFs have faced their longest daily net outflows since their inception, with nearly $1.2 billion withdrawn over eight days in early September.
In the coming weeks, Trump’s rising support could affect market sentiment. According to prediction markets, Trump has a 52% chance of winning the election, while Kamala Harris has a 47% chance. Bitcoin’s price trend after the upcoming debate remains uncertain.
Bernstein’s report predicts that Bitcoin could see a big increase if Trump wins the election, while Bitcoin could fall to the $30,000-$40,000 range if Kamala Harris wins. The reason for this decline is that Harris did not express clear support for cryptocurrencies.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
