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Bitwise exec predicts Bitcoin may hit $92,000 if Trump wins

Bitwise exec predicts Bitcoin may hit $92,000 if Trump wins

GrafaGrafa2024/10/24 06:40
By:Liezl Gambe

Bitwise’s head of alpha strategies, Jeff Park, has predicted that Bitcoin (CRYPTO:BTC) could rise to $92,000 if Donald Trump wins the upcoming U.S. presidential election.

In an October 22 post on X, Park analysed Bitcoin's price in relation to Trump’s odds on the decentralised betting platform Polymarket.

He applied "merger arb-style probability math" to show a high chance of Bitcoin surging if Trump secures a victory.

“I project a Trump victory could push BTC to ~$92,000,” Park stated.

His optimistic forecast aligns with views from other analysts who also expect Bitcoin to benefit from a Trump win.

Bitcoin millionaire Erik Finman expressed similar sentiments, suggesting that a Trump election victory could propel Bitcoin to $100,000.

“His policies will ignite the crypto market, fueling massive growth across the board,” Finman said.

This election marks a unique intersection of politics and cryptocurrency, with Trump’s campaign heavily focused on pro-crypto policies.

He has vowed to transform the U.S. into the “crypto capital of the world” and promised to fire SEC Chair Gary Gensler on the first day of his presidency to alleviate regulatory pressures.

Conversely, some investors are skeptical about the long-term impact of a Trump win on crypto markets.

Billionaire Mark Cuban, who supports Kamala Harris, cautioned that if Trump were to win, the crypto market might see a short-term rally followed by a decline.

He noted that several proposed economic policies, particularly import tariffs, could be inflationary and negatively affect Bitcoin's price in the long run.

As of now, Harris holds a slight edge over Trump, leading by 1.8% in national polls, according to data from 538 polls.

However, on betting markets, Trump has a notable 18.8% lead over Harris on Polymarket.

At press time, the Bitcoin price was $67,316.62.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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