As the 2024 United States presidential election intensifies, the cryptocurrency market couldn't have higher stakes. With just a few hours left until voting begins, this is a peak moment not only for U.S. politics but also for the cryptocurrency industry.
Everyone is closely monitoring everything related to this election. Data from Polymarket shows Trump has a 61% chance of winning, while Harris has only 39%. Let's explore how the cryptocurrency market might react to both outcomes.
Trump's Potential Victory: Bitcoin Price Increase?
If Trump wins, Bitcoin enthusiasts may have an exciting time. Some experts at Bernstein believe that Bitcoin's price could rise quite rapidly—potentially reaching between $80,000 to $90,000 within just two months. This figure is higher than the previous peak of around $73,800. Why are cryptocurrency enthusiasts so optimistic? Well, Trump has shown a very friendly attitude towards cryptocurrency. Even his campaign partner, JD Vance, is a strong supporter of Bitcoin and cryptocurrency.
This further adds weight to Trump's pro-cryptocurrency stance. We have seen Bitcoin's price fluctuate according to the rising and falling odds of Trump's victory. The cryptocurrency space believes that his victory could bring about crypto-friendly regulations. He has shared plans to fire SEC chairman Gary for his anti-crypto behavior. This has excited the cryptocurrency industry even more, and they believe he could foster a nurturing environment for the digital space.
What If Harris Wins? A Slower Path for Cryptocurrency
If Kamala Harris manages to come out on top, the narrative will change quite a bit. Analysts predict Bitcoin may feel some pressure and could drop to around $50,000, which would represent a significant decline of over 25%. The industry believes that the administration will impose stricter regulations on the cryptocurrency space under Kamala's leadership. Investors are certainly feeling anxious about that. Bitcoin remains optimistic about the long-term growth of cryptocurrency. This perspective is fueled by the increasing adoption of Bitcoin ETFs and growing interest from institutions and retail investors.
What to Expect After the Election
Looking ahead, the election results will certainly stir the cryptocurrency market, regardless of who wins. Standard Chartered analyst Geoff Kendrick notes that if Harris wins, Bitcoin could stabilize at around $75,000 by the end of 2024. But if Trump wins, we could see Bitcoin soar to $125,000. This is a tense time for both the cryptocurrency and stock markets, as everyone holds their breath. Whether you're a seasoned investor or just curious about Bitcoin's future, the next few hours and days are sure to be very interesting.