The firm argues: “Crypto is the rare instance, where the difference in election outcome could determine the destiny of the industry.”
While both campaigns have engaged with crypto leaders, Bernstein suggests that the Trump campaign’s overt pro-crypto stance is much more favorable for Bitcoin’s growth.
Trump has actively promoted making the U.S. “the Bitcoin and Crypto Capital of the world,” as demonstrated by his speeches at events, such as the Bitcoin Nashville conference.
Bernstein explains that Trump’s policy promises include appointing a crypto-friendly SEC chair and creating a national strategic Bitcoin stockpile.
“Trump’s speech at Bitcoin Nashville included – 1. U.S. to be a Bitcoin mining powerhouse – Bitcoin to be mined in U.S.; 2. Appoint a Crypto-friendly SEC chair on Day 1; 3. A national strategic Bitcoin stockpile; 4. A Crypto advisory council to the President,” states Bernstein.
In contrast, Bernstein says the Harris campaign has largely avoided the topic of crypto, with no specific mentions in her policy statements.
“Crypto has not found even one mention in any of Harris speeches. There is no mention of crypto in the recent policy statement released on the Harris website,” they state.
Bernstein expects Bitcoin to reach new highs if Trump wins, predicting a price range of $80K to $90K by Q4. However, under a Harris victory, they forecast a potential decline, with Bitcoin testing the $30K to $40K range, citing concerns about continued regulatory challenges.
The note highlights that Bitcoin has already shown resilience, rising 112% over the past year despite regulatory and macroeconomic headwinds.
They believe a Trump victory could provide a much-needed positive regulatory environment, spurring innovation and institutional participation in the crypto space.
On the other hand, a Harris win may prolong uncertainty, keeping Bitcoin under pressure. This election could, therefore, mark a pivotal moment for the cryptocurrency’s future trajectory.
Source: Cryptocurrency - investing.com
