Bernstein: Bitcoin price could reach $80,000-90,000 if Trump wins presidential election

Bernstein analysts have reiterated their prediction that Bitcoin could reach $80,000 to $90,000 if Donald Trump wins the presidential election next month. While the analysts expect Bitcoin to perform well in the long term regardless of either outcome, they say it could test the $40,000 range again if Kamala Harris wins. Trump has repositioned himself as a pro-crypto candidate this year — accepting cryptocurrencies as campaign contributions and outlining policies such as turning the U.S. into a Bitcoin mining “powerhouse,” appointing a crypto-friendly SEC chair, and establishing a national strategic Bitcoin reserve. Harris, by contrast, had not mentioned cryptocurrencies in any of her speeches or policy statements until recently, with broader comments last month saying she would encourage cryptocurrency businesses while protecting consumers, that the U.S. should “dominate” the blockchain space, and that digital assets are part of her vision for an “opportunity economy.” While Bernstein analysts believe Bitcoin will perform well in the long term regardless of the outcome amid a backdrop of low interest rates, ongoing U.S. fiscal deficits, and unprecedented debt levels, the short-term reaction to the election could be substantial. (The Block)