In a recent report, asset management firm Bernstein predicted that Donald Trump’s re-election in 2024 could impact the price of Bitcoin at all-time highs, potentially reaching $90,000. This statement raises questions about the growing role of cryptocurrencies in the US political landscape and how policy decisions can influence the digital asset market.
A Change of Course for Donald Trump
Donald Trump, former president of the US, has seen a notable turnaround in his stance on cryptocurrencies. While he had previously called Bitcoin a “scam” and expressed reservations about its legitimacy, he has now integrated cryptocurrencies into his political discourse. By promising to make the US the world leader in digital assets, Trump is seeking to seduce an increasingly cryptocurrency-friendly electorate. Its commitment to keep US government-held bitcoins as a strategic asset demonstrates its intention to promote this technology. This shift in Trump’s rhetoric could have significant repercussions on the Bitcoin market.
The Outlook for the Cryptocurrency Market
The anticipation of a Trump victory in 2024 has already begun to influence the cryptocurrency market. Since announcing his candidacy, Bitcoin has seen its value fluctuate, and analysts predict an uptrend if Trump is elected. Bernstein noted that under a Trump administration, Bitcoin could not only reach $80,000 to $90,000, but also benefit from more favourable regulations that would encourage innovation in the cryptocurrency sector. However, the situation is not without risks. Trump opponents like Kamala Harris could adopt more restrictive policies towards cryptocurrencies, which could lead to falling prices.
