Trump's election victory: the key to Bitcoin's new record?

Trump's election victory: the key to Bitcoin's new record?

According to Jeff Park, CEO of Bitwise, Bitcoin could see a more dramatic rise if Donald Trump wins the November presidential election. Park believes that thanks to "merger arb-style probabilistic mathematics", the price of Bitcoin could climb as high as $92,000.

In his analysis, he mentions that listening to pre-election odds on decentralized betting platform Polymarket suggests a high chance of a sharp rise in the value of the cryptocurrency after Trump's victory. "I expect a Trump victory could push BTC to around $92,000," Park writes.

This bold prediction is not an isolated one. Bitcoin millionaire Erik Finman shared his opinion on Cointelegraph, stating that a Trump win could result in Bitcoin rising to a whopping $100,000. "His policies could spur the crypto market and lead to massive growth across all sectors," he adds.

Indeed, cryptocurrencies have never been so closely linked to certain political events as they are today. Donald Trump has made pro-crypto policies a key part of his 2024 campaign. As part of his efforts to reach out to voters in the cryptocurrency community, Trump has promised to make the US "the crypto capital of the world". He also declared that if he becomes president, he will fire Securities and Exchange Commission Chairman Gary Gensler "on day one" of his presidency.

However, not all experts are convinced that Trump's victory will be a long-term boon for crypto markets. Mark Cuban, a billionaire investor who supports Kamala Harris, warns that while crypto markets could experience an initial upswing, they would likely fall again after a few weeks. He contacted Cointelegraph with the view that some of Trump's economic policies, including his controversial import tariffs, could have highly inflationary effects, hindering Bitcoin's long-term price growth.

According to the latest polling data from polling agency 538, Kamala Harris has a slight lead over Trump in national polls, specifically by 1.8%. However, the situation is different in the betting markets, where Trump currently leads with an 18.8% lead on the Polymarket platform.

As the election approaches, all we can do is keep a close eye on how the situation unfolds and what impact it will have on the only cryptocurrency that dominates the market - Bitcoin.

*This is not investment advice.

The Coingarage team