Bitcoin Prices Are Predicted To Skyrocket If Trump Is Elected As US President

Bitcoin prices are predicted to skyrocket if Trump is elected US President (Photo; Doc. Freepic)

JAKARTA - In a recent report released by research firm Bernstein, it is estimated that the price of Bitcoin (BTC) could soar to reach a fantastic figure of 90,000 US Dollars by the end of this year if Donald Trump wins the 2024 US presidential election. Trump's victory is believed to have a significant positive impact on the crypto market, driven by his pro-crypto stance.

Donald Trump, a former US President who is now running again, publicly supports Bitcoin and often talks about it in his policy speech. He advocated for the US to become a leader in the crypto industry, with a proposal to make the country a Bitcoin mining center. Trump also plans to appoint a crypto-friendly Securities and Exchange Commission (SEC) chairman, establish a national Bitcoin strategic reserve, and form a crypto advisory board for president.

Bernstein's report highlights that these policies could create a positive regulatory environment for cryptocurrencies. Over the past three years, crypto markets have faced regulatory barriers, including a crackdown on large companies such as Coinbase and Uniswap. Analysts believe that if Trump wins elections, his administration policies can spur innovation and encourage wider crypto adoption.

However, on the other hand, the report warns that if Kamala Harris, vice president at the moment, wins the election, Bitcoin could experience a significant decline. In this scenario, Bitcoin is predicted to fall from the current lower limit of 50,000 US Dollars (Rp772 million), and may fall to around 30,000 US Dollars to 40,000 US Dollars (Rp463 million to Rp617 million).

The recovery of the crypto market, according to Bernstein reports, is very likely related to the election results. If Trump wins, many of the current barriers could be abolished, allowing financial institutions to actively participate in the crypto market.

Currently, Bitcoin Exchange-Trad Funds (ETF) is losing traction, with institutional withdrawals reaching 1.2 billion US Dollars (Rp18.5 trillion) in eight days in early September. This movement shows a decline in institutional interest in Bitcoin, and election results can restore or exacerbate the situation.

In the coming weeks, increasing support for Trump in polls could affect crypto market sentiment. According to a prediction market like Polymarket, Trump is currently ahead with a 52% chance, compared to Kamala Harris who is at 47%. The results of the upcoming debate will play an important role in determining the direction of the Bitcoin price movement.