According to a new research report from Bernstein, a $725 billion asset management firm, Bitcoin could experience a significant price surge if Donald Trump wins the 2024 U.S. presidential election. The firm predicts that Trump’s return to the White House could push Bitcoin’s value to as high as $90,000.
Trump’s Shift Toward Cryptocurrency
Once a vocal critic of cryptocurrencies, Trump has shifted his stance dramatically. In 2019, he publicly criticized Bitcoin, calling it “not money” and dismissing its volatility. However, during his current reelection campaign, Trump has embraced the digital asset, signaling that Bitcoin could serve as a key strategic reserve asset for his administration. He has also expressed a vision to position the U.S. as the global leader in cryptocurrency.
This newfound support could have major implications for the crypto market. Bernstein’s report highlights that a Trump victory could drive Bitcoin prices well beyond its previous all-time high of $73,000, which was achieved earlier this year.
VP Pick and Crypto Market Impact
The report also discusses the potential impact of Trump’s vice-presidential pick on the crypto market. Bernstein suggests that Trump’s re-election could lead to the flourishing of the sector, describing his leadership as capable of determining “the destiny of the industry.”
In contrast, the asset manager warns that a Democratic victory, particularly under Kamala Harris, could have the opposite effect. Bernstein forecasts that under Harris’ leadership, Bitcoin could fall to a $50,000 support level, with the potential to test a $30,000 floor, given her perceived reluctance to engage with the crypto industry.
Bitcoin’s Recent Struggles
Amid the political speculation, Bitcoin has faced a challenging period in the market. Over the last 30 days, the cryptocurrency has experienced an 8.7% decline, with a 6% drop in just the past week. As of now, Bitcoin is trading under $55,000, far below the highs anticipated if Trump were to win the 2024 election.
