Key Points
- Bitcoin’s potential surge to $92,000 or higher is correlated with Trump’s election odds.
- 95.19% of Bitcoin holders are currently “in the money,” indicating strong market sentiment.
The U.S. Presidential Elections is gaining momentum as the date draws nearer. The two leading candidates are in a fierce competition for the presidency.
Prediction markets like Polymarket and Kalshi are projecting a win for Donald Trump. His projected support is around 62.3%, while Kamala Harris trails at approximately 38.3%.
Bitwise Executives Support Trump
As Trump’s odds increase, the head of Alpha Strategies at crypto asset manager Bitwise predicts a potential Bitcoin surge. He anticipates the cryptocurrency could rise to as high as $92,000 if Trump wins the election.
Bitcoin millionaire Erik Finman also believes a Trump victory could push BTC’s price to $100,000. He claims that Trump’s policies will stimulate the crypto market, leading to significant growth.
CoinShares Report and Other Investors’ Opinions
A recent CoinShares report showed a considerable increase in digital asset inflows, totaling $407 million. This is driven by increased investor interest related to a potential Republican win.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, compared the cryptocurrency positions of the presidential candidates. His findings highlight how each candidate’s approach could impact the industry’s future.
Bitcoin’s price action has been struggling to break past the $60k barrier for some time. However, it surged past $65k, coinciding with Trump’s rising electoral odds.
Elon Musk’s influence also seems to play a part in boosting Trump’s campaign momentum. He attended a Republican nominee rally, expressing his support for Trump.
Bitcoin has been somewhat bullish lately due to Trump’s strong lead in the prediction markets and exit polls. At the time of writing, the crypto was valued at just under $67,500.
Data from IntoTheBlock revealed that 95.19% of BTC holders are currently “in the money.” This means that their Bitcoin holdings are worth more than their initial purchase price. This strong market sentiment suggests the possibility of further price increases for Bitcoin.
