Analysts at Bernstein have predicted that Bitcoin would surge considerably if Trump wins and capitulate if Harris wins.
The dwindling gap in susceptibility to cryptocurrencies between Republican and Democratic presidential candidates Donald Trump and Kamala Harris has yet to influence the predictions of the $725 billion firm Bernstein. According to the asset manager, Bitcoin and cryptocurrencies will rally if Trump wins and dump if Harris wins.
Berstein’s Monday predictions asserted that Bitcoin would hit and surpass its all-time high of $73,000 and trade between $80,000 and $90,000 before the end of the year if Trump is elected. This is due to the former US president’s friendlier stance towards the sector.
Trump’s open promises to the crypto community have swayed their belief in him. He has repeatedly promised to attack the sector’s biggest hurdle: regulatory clarity. In his speech at the Bitcoin Conference 2024, he vowed to sack the Securities and Exchange Commission (SEC) boss, Gary Gensler, and adopt Bitcoin as a strategic reserve for the United States.
Bitcoin to $30,000 if Harris Wins
Analysts at Berstein stated that they see Bitcoin crashing below the August 5 $48,000 Bitcoin market capitulation to between $30,000 and $40,000. They cited Harris and her campaign team’s unclear stand on cryptocurrencies.
The asset manager noted that despite a recent development in the Harris camp, the crypto industry leaders feel more comfortable seeing Trump emerge as president than the current vice president. Reports made during the round last week showed that Harris is in contact with key players in the crypto sector to discuss possible headway for the industry if she is elected in November. The vice president even reportedly started accepting cryptocurrency donations.
However, the analysts believe that the crypto sector prefers a candidate with a more constructive policy than one who barely talks about the industry. Hence, they expect Bitcoin prices to react differently if either Trump or Harris wins.
Furthermore, Bernstein alleged that Bitcoin’s bullish potential if a pro-crypto candidate wins the November election remains latent. The asset manager sees an unreal upward trajectory for Bitcoin if Trump becomes the next president.
The crypto industry has suffered several setbacks due to the current administration’s lackluster attitude toward cryptocurrencies. Despite attempts by Coinbase and some members of the Senate to seek a clear regulation of the sector, their efforts have gone unnoticed.
Hence, Bernstein sees a Trump-led administration resulting in a blossoming crypto sector. The Crypto Basic reported that the asset manager sees Bitcoin hitting $20,000 by 2025 and a staggering $1 million by 2033.
Notably, hopes of a Trump win remain on course, as leading prediction firm Polymarket is forecasting a 52% to 46% Trump lead over Harris in the election polls.
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