Crypto asset manager Bitwise’s head of alpha strategies predicts Bitcoin may rally as high as $92,000 if Donald Trump wins the United States presidency in November.
In an Oct. 22 post to X, Jeff Park wrote that charting Bitcoin’s (BTC) price against Trump’s odds on the decentralized betting platform Polymarket and applying some “merger arb-style probability math” showed a high chance of Bitcoin surging following him clinching an election victory.
“I project a Trump victory could push BTC to ~$92,000,” wrote Park.
Source: Jeff Park
Park’s bullish price prediction for Bitcoin joins a growing roster of pundits and analysts expecting a Trump victory to send the price of crypto assets soaring.
Bitcoin millionaire Erik Finman told Cointelegraph a Trump election win could see Bitcoin rally as high as $100,000.
“His policies will ignite the crypto market, fueling massive growth across the board.”
Crypto has never been so closely tied to the outcome of a single political event. Republican candidate Donald Trump has made pro-crypto policy a cornerstone of his 2024 election campaign.
In a bid to win over single-issue crypto voters, Trump has promised to turn the US into the “crypto capital of the world” and said he would fire Securities and Exchange Commission Chair Gary Gensler on “day one” of his presidency.
Still, not everyone is convinced that a Trump victory would be a long-term win for crypto markets.
Billionaire investor and entrepreneur Mark Cuban — who has come out in support of Kamala Harris — told Cointelegraph that if Trump wins, the crypto markets will likely “pump for a few weeks” before descending again.
He said several of Trump’s proposed economic policies — including his controversial import tariffs — are highly inflationary and could hinder Bitcoin’s price action over a longer period.
Harris currently leads Trump by 1.8% in the national polls, according to data from 538 polls.
Kamala Harris maintains a slight lead over Trump in the national polls. Source: 538
The story is different on betting markets, with Trump currently holding an 18.8% lead over Harris on Polymarket.
X Hall of Flame: Bitcoin will ‘start ripping’ as Trump’s polls improve — Felix Hartmann