Bernstein Says Bitcoin Could Hit $90K by Year End, but There’s a Catch

Analysts from Bernstein, a popular research and brokerage firm, have indicated that the results of the upcoming United States presidential election in November could have a significant impact on the cryptocurrency market.

US Election and Bitcoin’s Future

According to Bernstein’s analysts, if Donald Trump, the Republican candidate, secures the presidency, Bitcoin could reach new all-time highs, potentially hitting between $80,000 and $90,000 by the end of Q4. On the other hand, if Vice President Kamala Harris wins, they anticipate Bitcoin dropping below its current $50,000 level, possibly revisiting the $30,000 to $40,000 range—where Bitcoin exchange-traded fund momentum started. 

🔸BERNSTEIN: TRUMP IS RE-ELECTED PRESIDENT, BITCOIN MAY REACH $90,000 BY THE END OF THE YEAR

• Brokerage Bernstein Said In A Research Report On Monday That If Donald Trump Wins The US Election In November, Bitcoin Is Expected To Hit A New High Later This Year, And The…

— *Walter Bloomberg (@DeItaone) September 9, 2024

The analysts noted that Trump’s camp has shown more enthusiasm for the crypto sector compared to Harris. While industry leaders have engaged with Harris’s campaign and hope for supportive policies, they anticipate a more pronounced impact on the crypto landscape depending on the election outcome.

Bernstein also highlighted the differing tones in the political approach to crypto policy. Trump has positioned himself as a pro-Bitcoin advocate, describing the U.S. as a future hub for Bitcoin and crypto during several speeches. His proposals include establishing the U.S. as a leader in Bitcoin mining, appointing a crypto-friendly SEC chair, and creating a national Bitcoin reserve.

Recently, Trump endorsed a crypto project linked to his family called the DeFiant Ones, and hinted that he could pay off the U.S. debt using Bitcoin. His stance has attracted the interest of notable crypto figures, including the Winklevoss twins and Kraken’s Jesse Powell.

Democrats’ Crypto Strategy for Harris

In a related development, the U.S. Democratic Party has launched a strategic advocacy group aimed at countering Donald Trump’s increasing influence in the cryptocurrency sector. Named “Crypto for Harris,” the initiative is designed to engage the over 40 million American voters who hold cryptocurrency, in an effort to bolster support for Kamala Harris.

Meanwhile, Ripple co-founder Chris Larsen has publicly endorsed Kamala Harris for president, aligning himself with other business leaders supporting her candidacy. They believe she would foster stability, innovation, and balanced regulations for businesses. Although Harris has not made any formal statements about crypto, her campaign has embraced digital currencies for fundraising. Reports suggest that her team may use Coinbase to manage crypto donations.