According to a Bernstein report, the rising odds of Kamala Harris winning the US presidential elections is potentially affecting Bitcoin's recent price dip.
According to a Bernstein report, the rising odds of Kamala Harris winning the US presidential elections is potentially affecting Bitcoin's recent price dip. Analysts suggest that Harris winning the election could signal bearish trends for crypto, given the Democratic Party's generally cautious approach to digital assets and Harris's unclear stance on regulation.
With President Joe Biden stepping aside to support his vice president, Harris's chances have surged in polls and on the crypto prediction markets platform Polymarket, which has gained popularity during the current US election cycle. Recently, Harris has edged ahead in the race, with a 52% odds of winning the election compared to Trump’s 46%.
Conversely, Donald Trump, the Republican candidate, has emerged as pro-crypto, making him a favorite among some investors. Trump's campaign promises include favorable policies for Bitcoin, crypto innovation, and even a potential national Bitcoin reserve. This shift from his previous critical stance on cryptocurrencies aims to attract crypto voters.
The report by Bernstein analysts Gautam Chhugani, Mahika Sapra, and Sanskar Chindalia highlights that a Trump victory is perceived as bullish for the crypto market, while a Harris win could have the opposite effect. Trump's outreach to crypto companies and miners contrasts with Harris's limited commentary on the industry.
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