Bitcoin fell below $54,000 on Friday. A Donald Trump victory would change its fortunes, Bernstein said. But some cast doubt on the “Trump trade” narrative.
Crypto prices are swinging ahead of Tuesday's debate between Donald Trump and Kamala Harris.
Bitcoin dove below $54,000 before the weekend and is now hovering around $55,000. Bernstein analysts argue that the outcome of November's voting will determine whether the world's leading cryptocurrency reaches new heights or sinks further.
If Trump wins, Bitcoin “could reach the $80,000-90,000 range,” Bernstein analysts Gautam Chugani, Mahika Sapra and Sanskar Chindalia wrote in a note on Monday. If Harris wins, they say, Bitcoin will drop to $30,000.
As Bernstein said, crypto depends on future elections. But some are not so sure. Uncertainty surrounding the election results, combined with larger economic drivers ahead of Election Day on Nov. 5, fueled the Bitcoin “Trump trade” narrative described by Bernstein.
“That uncertainty affects other factors that affect bitcoin's price, such as growth, recession concerns, the Federal Reserve and liquidity in the system,” said Quinn Thompson, founder of crypto hedge fund Lecker Capital. Talked to him News last month
Industry giants are knee-jerk this election cycle like never before. They are plowing hundreds of millions into their lobbying efforts to sway political power brokers to get sector-friendly policies onto the Senate floor.
Since officially embracing crypto in May, Trump has vowed to remove the national bitcoin stockpile, free Silk Road creator Ross Ulbricht and Securities and Exchange Commission Chair Gary Gensler, who has lashed out at the industry.
Harris has yet to share his views on crypto. However, she promised to reset relations with the campaign industry.
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Several industry representatives have thrown their support behind Harris, including Ripple co-founder Chris Larsen and multi-billionaire Mark Cuban.
Gamblers are placed on crypto betting site Polymarket Inequality Trump has a 52% chance of winning and Harris has a 47% chance of winning. Project 538′s The national average of polls gives Harris a 3% lead over Trump.
Crypto market movers
Bitcoin rallied 1.4% to $54,945 in the last 24 hours. Ethereum rose 0.5% to $2,283 during the same period.
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Eric Johnson is the news editor for DL News. Got a tip? Email at [email protected].
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