Trump's election chances could impact Bitcoin and crypto prices #trumpcoin
• Donald Trump's Polymarket odds appear to be influencing the crypto market.
• Trump's World Liberty Financial is set to launch later and has garnered almost 150K members.
• Trump has shown a clear positive attitude toward the crypto industry in his campaigns as opposed to Harris's.
• Trump-themed meme tokens have all fallen more than 10%.
Donald Trump's Polymarket winning odds is showing signs of correlation with the crypto market as the US presidential elections approach
Trump's crypto support is influencing investors’ positioning ahead of election
The Republican presidential candidate has wooed top crypto voices and community members through several actions, including accepting crypto donations and dedicating a part of the GOP platform to cryptocurrencies and blockchain.
The former president also announced the launch of a new crypto platform known as World Liberty Financial, with both his sons fully involved. The platform has already garnered much of the crypto industry's attention, with almost 150K members on its Telegram page.
Bernstein analysts predicted that a Trump win could send Bitcoin's price to $80,000, while a Harris win could see the top asset decline over 60% to $20,000.
The prediction is based on the crypto industry's sentiment towards both administrations. While there has been much backing for Trump and the Republicans, Democrats and candidate Kamala Harris have not received much support from crypto community members.
As the elections draw closer, several crypto investors are positioning their investments based on the Polymarket odds of Trump and Harris. Many expect a Trump victory to lead to another price rally for Bitcoin, while a Kamala Harris win could negatively affect crypto prices.
This is due to the Harris campaign's lack of clarity on her stand on crypto. Several crypto community members are also skeptical of another Democratic administration following the series of enforcement actions.
