A top executive from Bitwise, a crypto asset management firm, predicts that Bitcoin could surge to as high as $92,000 if Donald Trump wins the upcoming U.S. presidential election.
On October 22, Jeff Park, Bitwise’s head of alpha strategies, shared his insights in a post on X. He explained that by tracking Bitcoin’s price movement alongside Trump’s odds on the decentralized betting platform Polymarket and using “merger arbitrage-style probability calculations,” there’s a strong likelihood that Bitcoin would see a major rally if Trump secures a victory.
“I estimate that a Trump win could drive Bitcoin to roughly $92,000,” Park stated.
This prediction adds to a growing number of experts who believe a Trump presidency could push the value of cryptocurrencies higher. Bitcoin investor Erik Finman echoed this sentiment, telling that a Trump victory could see Bitcoin soar to as much as $100,000.
“His policies would trigger a wave of growth across the entire crypto sector,” Finman said.
The relationship between the crypto market and the 2024 election has become notably intertwined, with Trump making crypto-friendly policies a key part of his campaign platform. He has pledged to transform the U.S. into a global leader in crypto and even promised to remove SEC Chair Gary Gensler on his first day in office as part of his pro-crypto agenda.
However, some skeptics argue that the impact of a Trump win on crypto may not be long-lasting. Billionaire Mark Cuban, who supports Kamala Harris in the race, warned that while a Trump win might spark a short-term surge in crypto prices, the rally could fizzle out quickly. Cuban pointed out that some of Trump’s economic policies, such as his trade tariffs, could lead to inflationary pressure, which might hurt Bitcoin’s performance over time.
Though Harris is currently ahead by 1.8% in national polls, according to 538, Trump holds a strong lead on betting platforms like Polymarket, where he is ahead by 18.8%.
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