Election Showdown Puts Bitcoin on the Edge
The Bitcoin world is bracing for the ripple effects of the 2024 U.S. presidential election. Bernstein’s latest report throws down some serious predictions for Bitcoin’s price movement, saying Trump or Harris could change the entire crypto narrative.
In a note shared with Decrypt, Bernstein analysts laid it out: if Trump takes the White House, Bitcoin might not just rise, but shoot beyond its wildest highs, reaching $80K or even $90K. That’s a seismic jump. But, if Kamala Harris claims victory, the opposite could happen—Bitcoin could dive to around $40K, a gut-punch for those long on BTC.
Gautam Chhugani, Bernstein’s Global Head of Digital Assets, spelled it out. “Trump has a clear pro-crypto stance, actively courting voters in this space. Harris? Not so much. She’s more cautious, which spells trouble for the industry in the near term.”
Polymarket Bettors Signal Trump Surge
Polymarket, a decentralized betting hub, has suddenly seen a surge in bets favoring Trump. These traders seem to be betting that a Trump victory will boost crypto to new heights. “There’s been a shift,” Chhugani noted. “The odds are starting to lean toward Trump, and crypto traders are already preparing for the ride.”
Now, sure, Polymarket’s U.S. ban might give it a bit of a pro-crypto tilt, but Bernstein doesn’t see this as skewed data. With $1.5 billion on the line, these aren’t just biased players—they’re betting on what they think will actually happen, not what they hope for.
Trump’s promises to the crypto community—especially around Bitcoin mining and institutional adoption—have lit up trader sentiment. And Polymarket has Trump up by 7% over Harris. If these odds keep creeping up, Bitcoin could find itself caught in a wave of optimism that pushes it beyond its all-time high of $74K.
Harris’ Caution Casts Doubt on Bitcoin’s Future
Harris, on the other hand, has been far more conservative. Her lack of aggressive support for digital assets means the market could face some regulatory tightening. That kind of squeeze could put Bitcoin’s price in a downward spiral, possibly heading toward the dreaded $40K zone.
But it’s not just Bitcoin on the line here. Bernstein’s report points out that Ethereum (ETH) and Solana (SOL) will also feel the election heat. While Bitcoin might lead the charge, other crypto assets will likely hover in a holding pattern until the election shakes out.
For now, the crypto universe waits, bets, and watches. Trump or Harris—it’s not just about the White House. It’s about Bitcoin’s future trajectory, and it’s going to be a wild ride.
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