Bitcoin could reach $500,000 if Trump wins, says Bernstein
If Kamala Harris wins the election, the scenario could be very different for the cryptocurrency market.
Donald Trump, former president and candidate for president of the United States, at the largest Bitcoin conference in the world. Source: Bitcoin Magazine/Reproduction.
A recent report from brokerage firm Bernstein predicts that Bitcoin (BTC) could reach new price records if Donald Trump wins the US presidential election, with estimates suggesting the cryptocurrency could hit $90,000 by the end of the year.
The prediction is linked to the pro-Bitcoin stance adopted by Trump, who has on several occasions declared his intention to transform the US into the world capital of cryptocurrencies.
During the Bitcoin Nashville conference in July, he made several promises to the market, such as the creation of a strategic national stockpile of the cryptocurrency, as well as greater regulatory flexibility for the sector.
Bitcoin is set to fall if Kamala Harris wins the election
On the other hand, the brokerage indicated that, if Kamala Harris wins the election, the scenario could be very different for the cryptocurrency market.
According to the report, Bitcoin could break its current support around $50,000 and test lower levels between $30,000 and $40,000.
Bernstein points out that Harris has not mentioned cryptocurrencies in any of his public speeches to date, raising uncertainty about his stance on the sector.
For investors holding long positions in cryptocurrencies, the prospect of a Trump victory is seen as more positive, while a Harris administration could bring a period of uncertainty, especially when it comes to regulation of the sector.
The report also points out that the crypto industry has faced regulatory and economic difficulties over the past three years, but a more supportive approach could drive innovation and bring new users to the ecosystem.
The election, therefore, could be a watershed moment for the future of cryptocurrencies, with impacts on the price and adoption of Bitcoin over the coming years.
Trump's Promises for the Cryptocurrency Market
Donald Trump has promised several actions that could boost Bitcoin and the cryptocurrency market in general if he wins the upcoming election. Among his main promises are:
Turning the US into the cryptocurrency capital of the world: Trump has said he wants to make the United States the leading global hub for the development and use of cryptocurrencies.
Create a strategic national stockpile of Bitcoin: He proposed creating a national stockpile of bitcoin, similar to strategic reserves of gold and oil, which would strengthen the US's position in the crypto landscape.
Appoint a pro-crypto SEC chairman: Trump has promised to appoint a crypto-friendly SEC chairman, which could result in more flexible and less repressive regulations for the sector.
Promote Bitcoin mining in the US: He has pledged to transform the US into a Bitcoin mining powerhouse by encouraging the development of this industry in the country and attracting investment.
These proposals indicate a more cryptocurrency-friendly stance, with the potential to create a more positive regulatory environment and attract innovation in the sector.
