Bitcoin's Future Hinges on 2024 Presidential Election: Trump vs. Harris

Bitcoin's future could dramatically shift depending on the outcome of the 2024 U.S. presidential election. According to a report by brokerage Bernstein, a Trump victory could propel Bitcoin to $90,000, while a Harris win might see it plummet to $30,000.

Key Takeaways

• Trump win: Bitcoin could reach $90,000

• Harris win: Bitcoin could drop to $30,000

• Regulatory environment plays a crucial role

• Crypto industry heavily involved in politics

Trump’s Crypto-Friendly Policies

Donald Trump has been vocal about his plans to make the U.S. a global leader in Bitcoin and cryptocurrency. His proposals include:

• Firing SEC Chair Gary Gensler

• Appointing a crypto-friendly SEC chairman

• Creating a national strategic Bitcoin stockpile

• Banning Central Bank Digital Currencies (CBDCs)

• Forming a crypto advisory council

These measures are expected to create a favorable regulatory environment, eliminating risk barriers for financial institutions and promoting innovation in the crypto space.

Harris’ Ambiguous Stance on Crypto

Kamala Harris has remained largely silent on the topic of cryptocurrency. The Democratic Party has generally been seen as less supportive of the crypto industry. This lack of clear policy direction could result in a less favorable environment for Bitcoin and other digital assets.

Market Reactions and Predictions

Bernstein analysts predict that a Trump victory could see Bitcoin climbing to between $80,000 and $90,000 by the end of the year. Conversely, a Harris win could lead to a drop to between $30,000 and $40,000.

Public Opinion and Polls

A poll from Fairleigh Dickinson University shows that half of all crypto owners plan to vote for Trump, while only 38% back Harris. For voters who don’t own crypto, the numbers flip: 53% support Harris, while 41% favor Trump.

Crypto Industry’s Political Influence

The crypto industry has become a significant force in American politics, spending $119 million on federal elections this year. This makes it the second-biggest industry for political donations. Major players include:

• Coinbase: $51 million in political contributions

• Fairshake PAC: Major player in political donations

Lobbying Efforts

Crypto lobbying expenses have surged, reaching $40.42 million in 2023, a 1,386% increase since 2017. Key contributors include:

• Apollo Global Management: $7.56 million on lobbying

• Coinbase: $2.86 million on lobbying

Conclusion

The 2024 U.S. presidential election could be a turning point for Bitcoin and the broader cryptocurrency market. With Trump promising a crypto-friendly administration and Harris remaining ambiguous, the stakes are high for investors and the industry alike.

Sources

• Bitcoin Could Hit $90K If Donald Trump Becomes President, Plunge To $30K If It's Kamala Harris, Bernstein Says - InsideBitcoins.com, InsideBitcoins.com.

• If Trump wins, Bitcoin is hitting $90,000 before January: Bernstein | Cryptopolitan, Cryptopolitan.

• If Trump wins, Bitcoin is hitting $90,000 before January: Bernstein | Cryptopolitan, Cryptopolitan.