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bitcoin could soar to $90,000 if Republican candidate Donald Trump becomes US president after the November election, but fall to $30,000 if Democrat Kamala Harris wins, brokerage Bernstein said.
A Trump victory would benefit the cryptocurrency market through a more favorable regulatory environment that could remove risk barriers for financial institutions, said analysts led by Gautam Chhugani in a Sept. 9 research note.
That It would allow digital assets to compete more effectively with traditional assets for financial flows and promote greater innovation, they said.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.5027322404372″>
NEW: twitter.com/BernsteinBuzz?ref_src=twsrc%5Etfw”>@BernsteinBuzz SAYS twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc COULD REACH $90,000 BY THE END OF THE YEAR IF twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump ,IS CHOSEN OR WILL DROP UP TO $30K IF twitter.com/KamalaHarris?ref_src=twsrc%5Etfw”>@KamalaHarris HE IS CHOSEN
— Killz (@KillzzSol) twitter.com/KillzzSol/status/1833073283123515470?ref_src=twsrc%5Etfw”>September 9, 2024
Trump has been outspoken about it Turning the United States into the bitcoin capital in the world, and says it will implement policies to make it a “powerhouse” of bitcoin mining. It also said it will fire Securities and Exchange Commission Chairman Gary Gensler on day one, who is seen as hostile to the cryptocurrency industry.
“Elections remain difficult to predict, but if you are long crypto here, you are likely making a trade on Trump,” the analysts said.After the past three years of regulatory purge, a positive regulatory policy for cryptocurrencies can stimulate innovation again and bring users back to financial products on the blockchain.”
Harris, on the other hand, has remained silent on the issue of cryptocurrencies, while the Democratic Party has been seen as hostile towards it.
“While crypto industry leaders have been more open about Harris’ campaign and expect a more constructive policy, we expect the gap between the two political outcomes to be wide,” Bernstein analysts said.
If Trump wins the November election, Bernstein believes the btc price will rise to between $80,000 and $90,000 by the end of the year. If Harris takes over the White House, brokerages predict the btc price will plummet to between $30,000 and $40,000.
Bernstein had previously predicted that bitcoin could reach bitcoin-target” data-v-f87c67ca=””>$200,000 by the end of next year and $500,000 by the end of 2029.
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