The outcome of the US presidential election will have a huge impact on the price of Bitcoin. According to Bernstein analysts, a probable victory for Harris will result in Bitcoin continuing to fall to new local lows. But if Trump becomes the new president, BTC could well reach another all-time high.
Investors’ concerns about a possible collapse of BTC are also related to the negative reputation of the US Democratic Party, to which Harris belongs. However, the current administration of Joe Biden has not contributed to the normalization of what is happening with crypto in the country, which has already resulted in numerous lawsuits against top industry representatives.
New Forecast for Bitcoin
If Republican candidate Donald Trump wins, analysts expect Bitcoin to hit a new record high by the end of the year, rising to the $80,000-$90,000 zone. This is explained by the fact that the former president actively supports the cryptocurrency industry and at least verbally knows about its key problems in the United States.
With this in mind, Trump has previously promised to turn America into the crypto capital of the world. To do this, he plans to develop new adequate regulation for the coin industry, fire the current chairman of the Securities and Exchange Commission Gary Gensler, and also refuse to sell cryptocurrency that was previously confiscated and is now in government wallets.
According to analysts, despite attempts to establish contact with both sides of the political spectrum, representatives of the crypto industry are still more inclined to Trump. Here is a comment on this matter, which is cited by The Block.
While crypto industry leaders have been more open to the Harris campaign and hope for more constructive policies, we expect the difference for Bitcoin between the two political election results to be large.
The clarity and tone of politicians’ promises regarding cryptocurrencies also differ greatly, analysts note. Trump has been vocal in his push to make the US a much more suitable region for blockchain developers and entrepreneurs, and has mentioned this in various speeches and outlined his intentions in general.
At the same time, Harris has not touched on the topic of cryptocurrencies in any of her speeches or policy statements. And the media has also leaked information about Kamala’s team’s cooperation with Bharat Ramamurthy, a former economic adviser to the Biden administration and a well-known critic of cryptocurrencies.