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    • Here’s how Harris and Trump’s wins would affect them
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    Here’s how Harris and Trump’s wins would affect them

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    Topline

    Bitcoin prices could swing wildly based on presidential election results, analysts at a Wall Street research firm warned Monday, as former President Donald Trump positions himself as the pro-crypto candidate.

    Key facts

    Bernstein analysts led by Gautam Chhugani wrote on Monday that the election will have a “short-term impact on crypto sentiment” and on the price of the dominant cryptocurrency bitcoin, which is at around $68,000, down from a seven-year high months from last week of more than $73,000.

    Bitcoin could rise to $80,000 to $90,000 in the next two months if “pro-crypto candidate” Trump wins the election, Chhugani predicted, breaking the previous record of nearly $73,800 set in March.

    And if Vice President Kamala Harris prevails, Chhugani warned that Bitcoin could test a bottom at $50,000, a level not seen since February and representing a drop of more than 25% from Monday’s prices.

    Chhugani noted that Bitcoin’s potentially impending bearishness is a result of the Biden administration’s “hawkish” attitude toward regulating the crypto industry.

    Surprising fact

    The very bullish Bernstein group maintained their $200,000 price target for bitcoin by the end of 2025 regardless of the election outcome, explaining that the “genie is out of the bottle” for the $1.4 trillion digital asset spot bitcoin exchange-traded funds (ETFs) . final impulse that strengthens the value of the decentralized currency.

    Important background

    Standard Chartered analyst Geoff Kendrick wrote last month that he expects bitcoin to end this year at $75,000 if Harris wins and $125,000 if Trump wins. Price targets for highly volatile bitcoin prices are arguably less reliable than similar forecasts for other asset classes, such as stocks, because bitcoin prices move depending on the market’s perception of the future use case, rather than being based on earnings or other more fundamental causes. An outspoken bitcoin skeptic, Trump scored support in the oval office from crypto leaders like billionaires Marc Andreessen, Cameron Winklevoss and Tyler Winklevoss this cycle, warming up to the industry on the campaign trail and counting longtime bitcoin investor JD Vance as his running mate mate attracted. .

    Tangent

    In recent months, Bitcoin prices and Trump’s election odds have been on a near-lockdown on the blockchain-based election betting platform Polymarket (see chart below). Bitcoin prices hit their highest in seven months on the same day that Trump’s election odds hit a multi-month peak, and fell over the weekend as Harris’ election odds rose in the gambling market.

    Read more

    ForbesThese pro-crypto billionaires have endorsed Trump or Harris as Election Day approachesBy means of Ty Roush

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