Personal wealth administration brokerage Bernstein has predicted Bitcoin (BTC) value motion primarily based on the outcomes of the extremely anticipated US Presidential elections in November 2024.
Bitcoin May Hit New ATH If Trump Wins
In response to the Bernstein report, Bitcoin is a “Trump commerce” as a win for the previous US President might propel the main digital forex to a brand new all-time excessive (ATH). Particularly, BTC might go as excessive as $90,000 in This autumn 2024, following a win for the Republican candidate.
Conversely, a win for the present Vice President and Democratic candidate Kamala Harris might power BTC to interrupt its present backside at $50,000 and see the orange coin decline in value to check the $30,000 to $40,000 vary.
Whereas a Trump win might imply a resumption of Bitcoin’s bullish value motion, a Harris win might spell catastrophe for BTC value. Bernstein analysts Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra shared the prediction in a consumer notice on September 9, 2024.
Increasing on the reasoning behind their contrasting prediction, the analysts famous that regardless of the digital property business reaching out to people from each extremes of the political spectrum, it has obtained extra acceptance from the Trump facet. The notice provides:
Whereas crypto business leaders have been extra open-minded with the Harris marketing campaign, and are hoping for a extra constructive coverage, we anticipate the delta between the 2 political outcomes to be extensive.
Latest developments within the crypto business align with the analysts’ ideas. As an illustration, in July 2024, Trump emphasised his assist for the crypto business, saying he would dismiss the US Securities and Alternate Fee (SEC) Chairman, Gary Gensler. For the uninitiated, Gensler is extensively considered as an anti-crypto regulatory officer throughout the crypto house.
In August 2024, Trump made public his intentions to make the US the “crypto capital of the world.” He attacked the Biden administration’s continuous hounding of crypto-related companies within the nation, accusing the present regime of making an attempt to discourage the event and growth of the crypto business.
A Lot To Do For The Democrats
Whereas Trump seems to profit from a positive opinion throughout the crypto circle, loads stays to be performed by the Democrats in the event that they intend to make any severe inroads into the Republican candidate’s sturdy vote financial institution within the business. Nonetheless, all will not be misplaced for the Democrats simply but, as Trump has additionally had an entire change of stance towards digital property, remodeling from a Bitcoin skeptic to a staunch supporter.
Final month, studies emerged stating that Kamala Harris may usher in a change within the present Democratic regime’s stance towards cryptocurrencies. Equally, earlier this month, it got here to gentle that Harris’ political marketing campaign is now accepting donations in cryptocurrency by leveraging Coinbase’s Commerce platform.
At press time, Bitcoin is buying and selling at $55,272, up 2.2% within the final 24 hours. Solely time will inform whether or not this digital asset makes new ATH or tumbles to $30,000 within the coming months.
Featured Picture from Unsplash.com, Chart from TradingView.com