In a new research report from the $725 billion asset manager Bernstein, Bitcoin could target a new high if Donald Trump wins the upcoming 2024 US presidential election. Indeed, the firm notes that Trump’s return to the White House would drive BTC to a $90,000 price.
Throughout his bid for reelection, Trump has embraced cryptocurrencies like no candidate has before him. Earlier this year, he noted that Bitcoin would be a key strategic reserve asset for his administration. Moreover, he has made no qualms about his focus on making the United States the world’s premiere crypto nation.
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Trump’s Return to White House Could Have BTC Targeting New All-Time High
Just five years ago, Donald Trump took to X (formerly Twitter) to disparage the concept of crypto. He noted that Bitcoin was “not money,” with volatility and a value basis created from nothing at all. Now, his campaign has been built with cryptocurrencies in mind. Moreover, he has embraced the asset as a key tenant of his potential return to the Oval Office.
With his new perspective, cryptocurrency could massively benefit from such a return. Asset management firm Bernstein recently stated that a victory for Donald Trump in the November 2024 elections could have Bitcoin targeting $80,000 or $90,000. Specifically, it would be far beyond its most recent $73,000 all-time high set in March of this year.
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Bernstein notes that the sector could blossom from Trump’s reelection. In a research note, they said his return to the Presidency would “determine the destiny of the industry.” The Republican nominee’s effect on BTC can be undermined. Alternatively, the Democratic nominee could have an adverse effect on the leading crypto.
The asset manager said that Kamala Harris’ victory could have Bitcoin looking at a $50,000 floor. If she does win the election, the asset could even test the $30,000 level. Harris’ unwillingness to even address the asset class has many concerned about what her administration would bring for crypto.
The token has struggled since August. Over the last 30 days, it has fallen more than 8.7%, according to CoinMarketCap. With a 6% drop in the last week alone, the leading industry leader is currently trading under the $55,000 mark.