Bitcoin Could Potentially Surge to $92,000 Under Trump: Bitwise

Bitcoin Bitwise Donald Trump

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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October 23, 2024

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Bitwise’s head of alpha strategies, Jeff Park, has predicted that Bitcoin could soar to $92,000 if Donald Trump wins the 2024 U.S. presidential election.

In an October 22 post on X, Park explained that by analyzing Bitcoin’s price movement against Trump’s odds on the decentralized betting platform Polymarket, and applying merger arbitrage-style probability calculations, he sees a strong likelihood of a post-election surge.

“I project a Trump victory could push BTC to ~$92,000,” Park wrote, adding to the growing list of analysts forecasting that a Trump win could significantly boost the crypto market.

U.S. Election Draws Interest from Crypto Community

The 2024 U.S. presidential election is drawing an unprecedented level of interest from the crypto community, as Donald Trump has made pro-crypto policies a key part of his campaign.

He has promised to make the U.S. the “crypto capital of the world” and vowed to remove SEC Chair Gary Gensler on his first day in office, aiming to create a more favorable regulatory environment for digital assets.

Erik Finman, a Bitcoin millionaire, also shares Park’s optimism.

Finman said that a Trump presidency could see Bitcoin rally as high as $100,000, crediting Trump’s policies for potentially igniting the crypto market and driving widespread growth.

Despite the bullish predictions from some quarters, not everyone is convinced that a Trump presidency would result in long-term gains for Bitcoin.

Billionaire investor Mark Cuban, who supports Kamala Harris, expressed skepticism.

Cuban claimed that while a Trump victory might lead to an initial “pump” in crypto markets, the rally could be short-lived due to inflationary pressures from Trump’s proposed economic policies, such as import tariffs.

According to 538 polling data, Harris leads Trump by a narrow margin of 1.8% nationally.

However, on betting markets like Polymarket, Trump holds a significant lead of 18.8%, reflecting growing confidence in his electoral chances among crypto enthusiasts.

Trump-Backed PAC Raises $7.5 Million in Crypto Donations

A political action committee (PAC) supporting former President Donald Trump has secured approximately $7.5 million in cryptocurrency donations.

As reported, the Trump 47 joint fundraising committee reported contributions in Bitcoin, Ether, and XRP, along with stablecoins like Tether and USDC.

In May, Trump became the first major presidential candidate to accept digital token donations, signaling his new stance.

According to a report from nonprofit watchdog group Public Citizen, nearly half of the corporate money flowing into the current election cycle originates from the crypto sector.

Major industry players such as Coinbase, Ripple, and venture capital firm Andreessen Horowitz have been significant contributors.

The total amount raised by the industry this election season is approximately 13 times what was raised during the previous presidential cycle.

Meanwhile, crypto owners are more inclined to support former President Donald Trump, while those without digital assets lean towards Vice President Kamala Harris, according to a survey conducted by Fairleigh Dickinson University’s (FDU) Poll.

The survey, led by Dan Cassino, professor of government and politics and executive director of the FDU Poll, found that among these, 50% support Trump.

In contrast, only 38% of crypto holders back Harris.