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According to a report by research firm Bernstein, if Donald Trump wins the 2024 US presidential election, Bitcoin 
$83,291 could reach $90,000 by the end of the year.
Analysts noted that Trump’s positive stance towards Bitcoin could significantly boost the cryptocurrency market. Trump frequently supported Bitcoin in his policy speeches.
Trump’s Supportive Stance on Bitcoin
Trump argued that the US should become a leader in the crypto industry, proposing policies aimed at pioneering Bitcoin mining. Additionally, he planned to take steps such as appointing a crypto-friendly chairman for the Securities and Exchange Commission (SEC), establishing a national strategic Bitcoin reserve, and creating a crypto advisory council for the President.
Bernstein’s report emphasized that these initiatives could create a positive regulatory environment for cryptocurrencies.
In the last three years, the crypto market has faced challenges due to macroeconomic factors and stringent regulatory actions. Regulatory measures against major crypto companies like Coinbase and Uniswap have particularly impacted the market negatively.
Market Recovery Dependent on Election Outcome
According to Bernstein’s report, the recovery of the crypto market could depend on the election results. A favorable outcome for Trump could remove existing barriers by encouraging more active participation from financial institutions in the market.
The report highlighted that interest in Bitcoin ETFs has waned, and institutional interest has decreased. These ETFs have faced the longest daily net outflows since their inception, with approximately $1.2 billion withdrawn over eight days in early September.
In the coming weeks, Trump’s rising support could influence market sentiment. Prediction markets show Trump’s chances of winning the election at 52%, while Kamala Harris’s chances are at 47%. The price trend of Bitcoin remains uncertain following the upcoming debate.
Bernstein’s report predicts that if Trump wins the election, Bitcoin could see a significant increase, whereas a victory for Kamala Harris could see Bitcoin drop to the $30,000-40,000 range. Harris’s lack of clear support for cryptocurrencies is cited as the reason for this potential decline.
