Recent Bitcoin Strength Linked to Trump's Election Odds
Recent strength in Bitcoin is attributed to improved betting odds for Donald Trump in the 2024 US election, as noted by analysts at Bernstein.
Both Trump and Democratic candidate Kamala Harris have shown support for digital assets, but Bitcoin’s rise is closely tied to Trump's chances of winning the Nov. 5 ballot.
Despite polls indicating a narrow lead for Harris, online prediction markets are boosting Trump's chances for a second term. For example, Kalshi gives Trump a 57% edge versus 43% for Harris, while Polymarket shows Trump at 60% and Harris at about 40%.
Bitcoin has surged by 16.6% over the past month, trading at $67,887.9, with a 24-hour increase of 3.4%. This marks a breakout from its previous trading range of $50,000 to $65,000.
Analysts from Bernstein commented, “The Bitcoin market strength is recent and reflective of the current spike in Trump odds.”
Despite previously criticizing Bitcoin as a "scam," Trump has adopted a pro-crypto stance in recent campaigns. His World Liberty Financial crypto project launched recently, reportedly raising at least $220 million in token sales.
Harris has also committed to establishing a clear regulatory framework for cryptocurrencies but hasn't provided further details.
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