Analysts at Bernstein foresee Bitcoin surging to new all-time highs should Donald Trump win the upcoming US presidential election, based on current data from the prediction platform Polymarket.

Donald Trump's Stance on Cryptocurrency Policy

Donald Trump has embraced cryptocurrencies this year, accepting crypto donations and proposing to make the US a leader in Bitcoin mining. His plans include appointing a crypto-friendly SEC chair and establishing a national Bitcoin reserve. In contrast, Kamala Harris has recently supported the development of blockchain technology, prioritizing consumer protections.

Bernstein's Analysis

Bernstein analysts, including Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia, predict that Bitcoin will perform well in the long run regardless of the election outcome. However, a Trump victory could provide a significant short-term boost, with prices potentially reaching $80K to $90K. Alternatively, a Harris win might lead to a temporary drop, bringing Bitcoin into the $40K range.

The Role of Polymarket in Predictions

Polymarket, a blockchain-based prediction platform, also plays a crucial role in assessing the election's potential outcomes. While some speculate it may favor Trump due to his pro-crypto stance, Bernstein analysts refute this, asserting that the platform's liquidity and diverse user base are more likely to reflect actual market probabilities rather than bias.

As the US presidential election approaches, interest in Bitcoin and associated predictions is on the rise. Regardless of the election's outcome, the cryptocurrency market continues to be a central topic in financial discussions.