Analysts at asset manager Bernstein say that Bitcoin (BTC) could reach a new all-time high of $90,000 U.S. by year’s end – if Donald Trump wins the U.S. presidential election in November.
In a new research report, Bernstein says that a Trump win would be the best-case scenario for Bitcoin and could push the price of the largest cryptocurrency to new heights.
Conversely, if Democratic nominee Kamala Harris wins the presidency, Bitcoin could fall as low as $30,000 U.S., says Bernstein.
Bitcoin is currently trading at $55,200 U.S., up 25% year to date.
Trump had previously opposed Bitcoin and was a vocal critic of cryptocurrencies when he was president from 2016 to 2020.
However, Trump has changed his stance and is actively courting cryptocurrency enthusiasts in the current presidential election campaign.
At campaign rallies, Trump has said that he wants to make the U.S. the “Bitcoin capital of the world,” and he was the keynote speaker at a Bitcoin conference this past July.
Trump has also called for the appointment of a cryptocurrency friendly chair of the U.S. Securities and Exchange Commission (SEC), and for a national strategic Bitcoin stockpile.
In contrast, Kamala Harris has been less clear about her position on Bitcoin and cryptocurrencies.
However, the administration of Democratic President Joe Biden, of which Harris has been a part as vice-president, had been harshly critical of crypto and sought to regulate digital assets.
