Bitcoin might reach $73,000 by Election Day, with further gains anticipated if Donald Trump wins. Conversely, a victory for Vice President Kamala Harris could trigger a temporary dip before the price stabilizes. As the election approaches, crypto PACs are actively campaigning, drawing some criticism for their influence. Recently, Polymarket’s betting odds have shifted in favor of Trump, spurred by a large bet from a single investor.
Geoff Kendrick, an analyst at Standard Chartered Bank, has forecasted Bitcoin's price could soar to $125,000 by year-end, contingent on a Republican win in the upcoming elections on November 5. Kendrick estimates that Bitcoin could hit around $73,000 by Election Day, closely aligning with rising probabilities of a Trump victory reflected in betting markets. This figure is just shy of Bitcoin’s previous all-time high of approximately $73,800 reached in March.
If Trump wins a second term, Kendrick anticipates an immediate 4% increase in Bitcoin's value, followed by an additional 10% rise in the days after. In contrast, if Harris secures the presidency, he expects a temporary downturn, although he believes Bitcoin will stabilize around $75,000 by year-end.
The crypto community generally views Trump as more favorable toward the industry compared to Harris, despite her receiving support from prominent figures like Ripple co-founder Chris Larsen, who contributed $11 million in XRP to her campaign. Currently, Trump’s odds of winning stand at 63% on Polymarket, where a whale investor recently placed a $20 million wager on his victory.
Several market analysts share Kendrick's bullish sentiment, with a Bitwise executive suggesting Bitcoin could reach $92,000 and Deribit predicting a target of $80,000 by the end of November if Trump wins. However, BlackRock CEO Larry Fink believes Bitcoin's upward trend will persist, regardless of the election outcome.
Pennsylvania Representative Summer Lee has criticized crypto-backed political action committees (PACs) for funding ads aimed at discrediting candidates in the 2024 primaries. During an October 24 virtual event hosted by Public Citizen and Americans for Financial Reform, Rep. Lee condemned the influence of special interest groups, particularly crypto Super PACs that target lawmakers seeking reelection.
Lee argued that funds from the digital asset industry are being used to silence representatives who hold them accountable. She highlighted that crypto PACs spent over $3 million to unseat her colleagues Cori Bush and Jamaal Bowman, both of whom lost their primary races earlier this year.
According to Lee, such actions hinder ordinary people's participation in politics while enabling major players to dominate the landscape. She pointed to the staggering $134 million spent by crypto interests in a single election cycle, viewing it as an exploitation of the system that obscures the true motivations behind their support.
Lee also referenced the Fairshake PAC, which funded media efforts against Bowman and Bush. After Bush's defeat in August, Fairshake's Josh Vlasto labeled her an "anti-crypto, Elizabeth Warren-endorsed lawmaker," suggesting that the industry aims to support only candidates aligned with its interests.
October 2024, Cryptoniteuae