Bitcoin’s Price Projection: A Look into Bernstein’s Insights on the Influence of Political Outcomes
With the upcoming US Presidential elections looming in November 2024, the speculated scenarios surrounding the outcomes could notably sway the trajectory of Bitcoin’s price, as per private wealth management brokerage Bernstein. In a recent client note dated September 9, 2024, analysts at Bernstein have put forward a compelling narrative.
Should the former President Trump emerge victorious, Bernstein’s analysts, Gautam Chhugani, Sanskar Chindalia, and Mahika Sapra, foresee a potential surge in Bitcoin price, possibly reaching an impressive $90,000 in Q4 of 2024. This bullish stance categorizes Bitcoin as a coveted “Trump trade” in the eyes of Bernstein.
Conversely, the projections take a stark turn if Democratic nominee Kamala Harris clinches the win, with Bitcoin expected to see a dip down to the range of $30,000 to $40,000, according to Bernstein’s estimations. The analysts further underline the evolving dynamics within the crypto industry concerning the two opposing political camps.
Despite attempts to bridge the gap and garner support across political lines, Bernstein notes a more prominent inclination towards the crypto space from those aligned with the Trump doctrine. Recent public endorsements from Trump advocating for the crypto industry and his criticism directed at SEC Chairman Gary Gensler, perceived as anti-crypto, echo Bernstein’s forecasts.
While Democrats, including Kamala Harris, have displayed a growing acceptance of cryptocurrencies, they might still have to navigate and solidify their standing within the industry. Trump’s noteworthy transition from a skeptic to a vocal proponent of Bitcoin has played a pivotal role in reshaping the landscape of crypto and politics.
Recent reports shedding light on Harris’s campaign acceptance of cryptocurrency donations hint at a potential pivot in the Democratic party’s stance toward digital assets. Meanwhile, as Bitcoin holds its ground at $55,272, industry observers remain vigilant about the unfolding political narratives and their conceivable implications for Bitcoin’s future price movements.
In the grand scheme of things, the electoral outcome of the US Presidential elections in 2024 is poised to hold substantial sway over Bitcoin’s journey ahead. The mystery unfurls as to whether Bitcoin will soar to new peaks or see a significant downturn amidst the ever-evolving political tides.
