Bitcoin could soar to a new high of $90,000 by the fourth quarter if former President Donald J. Trump is reelected in November, according to research by Bernstein. However, the brokers warn that if Vice President Kamala Harris succeeds Joe Biden, the cryptocurrency could crash to $30,000.
“After the last three years of regulatory purge, a positive crypto regulatory policy can spur innovation again and bring the users back to financial products on the blockchain,” the researchers said, stressing Trump’s commitment to making the United States the “Bitcoin and crypto capital of the world.”
Speaking at The Bitcoin Conference in Nashville, Tennessee, in July, Trump committed to creating a “strategic national Bitcoin reserve,” comparing the nascent crypto industry to the steel industry of a century ago and predicting it will probably “overtake gold” in the future.
“There’s never been anything like it,” he said. Bernstein also notes that Vice President Harris has never referenced crypto in her speeches, in contrast to Trump.
Mining Bitcoin is energy-intensive—an issue Trump recognizes, saying low-cost energy is key to achieving his ambition to center mining operations in the U.S. Meanwhile, Harris’s support of the Green New Deal and net zero government policies would likely harm the cryptocurrency industry.
In June, BTC Inc. CEO David Bailey said he plans on “raising over $100 million and turning out more than 5,000,000 voters” for Trump.