- Trump’s election odds correlate with Bitcoin’s potential surge to $92,000 or higher
- 95.19% of Bitcoin holders are currently “in the money,” signaling strong market sentiment
As a seasoned crypto investor with a keen eye for market trends and a knack for predicting the future, I must say that the correlation between Trump’s election odds and Bitcoin’s potential surge to $92,000 or higher has piqued my interest. With over a decade of experience in this wild and unpredictable world of digital currencies, I have learned to never underestimate the power of prediction markets and influential figures like Elon Musk.
As the United States Presidential Election approaches within just over two weeks, the competition between the frontrunners is growing more heated by the day.
Currently, prediction platforms such as Polymarket and Kalshi are indicating a high probability of Donald Trump winning the election. At present, he is estimated to have approximately 62.3% support, while Kamala Harris has about 38.3% support.
Kalshi’s most recent update further reinforced this trend, showing Trump at 59% and Harris at 41%.
Bitwise execs put their money on Trump
Due to the increasing chances of Donald Trump’s re-election in November, the leader of Alpha Strategies at Bitwise Asset Management is anticipating a possible significant increase in Bitcoin [BTC]. He believes that if Trump wins, Bitcoin could potentially reach as high as $92,000.
In a recent X post, Jeff Park noted,
Analyzing the Bitcoin price in relation to odds for President Trump’s election (as per Polymarket) from August 15th to October 20th shows some dramatic fluctuations, especially when Harris and Trump alternated in the lead. Using a method similar to merger arbitrage probability mathematics, I predict that if Trump wins, Bitcoin could potentially reach approximately $92,000. Interpret this as you see fit.
Moreover, Bitcoin tycoon Erik Finman thinks that if Donald Trump wins, the value of Bitcoin might soar to $100,000.
He said,
“His policies will ignite the crypto market, fueling massive growth across the board.”
CoinShares reports and other investors believe the same
According to a new report from CoinShares, there’s been a substantial increase of $407 million flowing into digital assets. This surge is primarily due to heightened investor enthusiasm linked to the possibility of a Republican victory.
This increase indicates an expanding trust in the likelihood of beneficial policy shifts, under the leadership of a Republican administration.
Moreover, Alex Thorn, who holds the position of Head of Firmwide Research at Galaxy Digital, presented a comparative policy scorecard between the crypto stances of the presidential contenders. This action provided insights into potential impacts that each candidate’s strategy might have on the future of the cryptocurrency sector.
The struggle BTC faced in breaking through the $60k price point was further supported by this fact. Yet, shortly afterwards, its price soared beyond $65k – a rise that occurred around the same time as Trump’s increasing chances of winning the election.
Is Elon Musk behind this?
It’s worth noting that Elon Musk appears to have had some impact on boosting the pace of Donald Trump’s political campaign as well.
For those not aware, Elon Musk attended a political rally for the Republican nominee in Butler, Pennsylvania. There, he expressed strong support for the candidate by donning a “Make America Great Again” hat and self-identifying as “Dark MAGA,” solidifying his allegiance to the candidate’s campaign.
What lies ahead for BTC?
Recently, Bitcoin seems to be showing a positive trend, possibly due to Donald Trump’s significant advantage in the forecast markets and exit polls. Currently, its value stands at approximately $67,500.
According to findings from IntoTheBlock and reported by AMBCrypto, a large majority of approximately 95.2% of Bitcoin holders are currently benefiting financially as their Bitcoin investments exceed their original purchase cost.
Contrarily, none of the Bitcoin holders are “underwater” – a positive indication of robust market sentiment that suggests potential future increases in Bitcoin’s price.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- Top gainers and losers
- TURBO PREDICTION. TURBO cryptocurrency
- BNB PREDICTION. BNB cryptocurrency
- ONT PREDICTION. ONT cryptocurrency
2024-10-25 07:36