Bitcoin’s fate might just rest on the 2024 U.S. presidential election. According to a recent Bernstein report, if Donald Trump wins the election, Bitcoin could hit new heights, potentially skyrocketing to $90,000 by the end of the year. Trump’s bold approach towards digital assets, including a pledge to make America the “Bitcoin and crypto capital of the world,” has caught the attention of many in the crypto community. Trump has also called for policies like appointing a crypto-friendly SEC chairman and creating a national Bitcoin stockpile, moves that could fuel a massive rally in Bitcoin prices.
A Harris Win Could Mean Trouble for Bitcoin
On the flip side, if Kamala Harris takes the White House, the Bernstein report predicts Bitcoin could face a major slump, potentially falling to $30,000. Harris has not mentioned crypto in any of her speeches, signaling a more cautious approach that might spook investors. As Bernstein analysts put it, “Elections remain hard to call, but if you are long crypto here, you are likely taking a Trump trade.”
Current Market Dynamics Show Bitcoin “Grossly Undervalued”
Meanwhile, the current market suggests Bitcoin is “grossly undervalued,” despite its recent stability. In a note, analysts from Presto Research emphasized that Bitcoin’s record-high network security makes it highly attractive even amid macroeconomic uncertainties. With the network’s computational power hitting an all-time high, they argue, “BTC seems grossly undervalued at the moment,” indicating a strong foundation despite market fluctuations.
At the time of writing, Bitcoin is sitting at $55,290.33.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
