If Trump wins the upcoming election, it could lead to a surge in the cryptocurrency market, with projections suggesting Bitcoin could rise to between $92,000 and $100,000 by the end of 2024. Conversely, a victory for Harris might initially put downward pressure on crypto prices. The election results are likely to significantly influence the crypto landscape in the coming months.

In the long run, a Trump administration could see prices fluctuate between $92,000 and $105,000, potentially paving the way for new all-time highs. Meanwhile, under Harris, the market might stabilize within a range of $52,000 to $72,000, with gradual upward momentum that could eventually exceed $102,000.

This forecast considers each candidate's approach to inflation. Harris is expected to focus on targeted liquidity support for specific sectors, which could impact the crypto market in significant ways. Currently, Polymarket data suggests Trump has a 58% chance of winning, while Harris stands at 42%. However, polling indicates Harris has a slight lead, leaving the overall impact on cryptocurrencies uncertain until the election results are finalized.

#What Will Happen to Bitcoin if Trump or Harris Wins the Election?

As Bitcoin hovers around $73,000 and approaches a potential new all-time high ahead of the U.S. presidential election, traders are optimistic about market movements regardless of the election outcome.

If Trump Wins

Donald Trump has positioned himself as a pro-crypto candidate during this election cycle, accepting donations in various cryptocurrencies such as Bitcoin, Ether, Dogecoin, and Solana. His campaign has sparked enthusiasm among crypto supporters, particularly with his promise to dismiss SEC Chair Gary Gensler, whose policies have often been criticized by the crypto community. Trump has also proposed creating a national Bitcoin reserve, which has further energized interest in Bitcoin.

A Trump victory could likely trigger an immediate surge in Bitcoin's price, boosting the entire crypto market. However, the long-term effects of his presidency on Bitcoin remain uncertain. Chandra Duggirala, CEO of Portal To Bitcoin, suggests that if the U.S. government begins to hold Bitcoin, it could enhance its credibility as an asset, encouraging wealth managers to include it in traditional portfolios. This shift could lead to increased investment and demand for Bitcoin, potentially driving up its market price as global investors follow suit.

If Harris Wins

In contrast, Kamala Harris has recently started addressing cryptocurrencies but has called for more regulatory oversight to ensure consumer protection and financial stability. Given her cautious approach, a Harris win might initially lead to a drop in Bitcoin's price, though a rebound could follow.

Duggirala explains that a Harris administration would likely continue current economic policies, emphasizing fiscal spending and progressive taxation, which could result in stricter regulatory scrutiny of the crypto market. If high inflation persists, assets like Bitcoin may attract investors looking to preserve wealth, potentially positioning Bitcoin as a favored option in an inflationary environment.

Contested Election Scenarios

With polls indicating a tight race, the election outcome could lead to disputes and uncertainty. Historically, during such turbulent times, Bitcoin often experiences increased trading volumes due to its volatility, benefiting derivatives traders. Duggirala points out that in previous instances, like the market crash in March 2020, Bitcoin has seen sharp price movements, both up and down.

If the election results are contested, options trading on Bitcoin could become particularly lucrative, as heightened market volatility often drives up futures and options volumes, drawing significant attention to Bitcoin markets globally. For experienced traders, a contested election may present a valuable opportunity to capitalize on Bitcoin’s volatility.
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