A recent research report from Wall Street broker Bernstein has suggested that a potential victory for Donald Trump in the upcoming U.S. elections could be bullish for cryptocurrency markets, while a win for Kamala Harris might have the opposite effect.
According to Bernstein’s analysis, market sentiment indicates that Trump’s election could positively impact cryptocurrencies, particularly Bitcoin. The report highlights that Bitcoin has weakened following shifts in Polymarket odds and polls favoring Harris. Bernstein anticipates that Bitcoin may remain “rangebound” until a clearer election outcome emerges.
Polymarket, a prediction market platform, allows users to speculate on the results of future events. Bernstein’s report notes that Trump’s team has been notably proactive in engaging with the crypto community, including Bitcoin miners and companies within the sector.
Trump has actively pitched crypto-friendly policies and even hinted at the possibility of a national Bitcoin reserve. In a recent speech at the Bitcoin Conference in Nashville, Trump pledged to maintain a strategic national Bitcoin reserve and not to sell any government-seized Bitcoin if re-elected.
In contrast, Bernstein’s report points out that Republican supporters view the current phase as an “initial honeymoon” and argue that Polymarket odds could be manipulated. The report suggests that Harris’s position on crypto has contributed to a more bearish outlook for the market.
Analysts led by Gautam Chhugani emphasize the strong appeal of Trump’s crypto policy to voters, underscoring his promises to support Bitcoin and cryptocurrency innovation.
