Bitcoin could skyrocket to $90,000 by the end of 2024 if Donald Trump wins the upcoming U.S. presidential election, according to a report by broker Bernstein. The report, released on September 9, suggests that Trump's policies favoring cryptocurrency could drive Bitcoin to new all-time highs. Trump has frequently positioned himself as a strong advocate for digital assets, pledging to make the U.S. the "crypto capital of the world" if re-elected.
In contrast, a victory for Kamala Harris could send Bitcoin tumbling to as low as $30,000. The report predicts that if Harris wins the election, the largest cryptocurrency by market capitalization could break below its current floor of $50,000, entering a range between $30,000 and $40,000. Unlike Trump, Harris has not publicly discussed cryptocurrency, and the lack of support for digital assets could weigh on market sentiment.
Trump has outlined several crypto-friendly policies in his speeches, most notably at the Bitcoin Nashville conference in July, where he advocated for the U.S. to become a leader in Bitcoin mining. He also proposed appointing a crypto-friendly chair for the Securities and Exchange Commission (SEC), creating a national Bitcoin stockpile, and forming a crypto advisory council.
The report notes that the crypto market has faced substantial challenges over the past three years, with regulatory hurdles and macroeconomic uncertainty acting as major headwinds. However, Bernstein analysts, led by Gautam Chhugani, believe that a shift toward positive crypto regulation under a Trump administration could reignite innovation and bring more users to blockchain-based financial products.
While the outcome of the election remains uncertain, Bernstein suggests that those currently holding crypto are likely positioning themselves for a potential Trump victory, as his policies could trigger a significant rally in digital asset markets.