US Elections 2024: Here’s How Donald Trump’s Win Could Impact Bitcoin

Bitcoin is on fire! After last week’s impressive surge, crypto bulls are looking toward the all-time highs reached in March, as prices jumped 11% to surpass $67,800. This rally is grabbing the attention of investors, many of whom believe it signals a significant win for pro-crypto Republican candidate Donald Trump in the upcoming U.S. presidential election.

Here’s an in-depth view.

The Race for Crypto Leadership

As the race between Trump and Harris intensifies, cryptocurrency is emerging as a key issue. Trump has pledged to make the U.S. a global leader in crypto, turning Bitcoin into a “Trump trade” where investors speculate on his potential White House return. His strong support for digital assets aligns with a bullish Bitcoin trend and increasing activity in prediction markets, where bets on election outcomes are on the rise.

Who Are the Odds Favoring?

On platforms like Polymarket, Trump’s odds have risen to 59.7%, while Harris trails at 40%. PredictIt also shows Trump with a slight edge at 54%. This optimism among investors aligns closely with Bitcoin’s rising price, suggesting a growing belief in a Trump victory.

Harris offers a more balanced strategy, promising to support crypto growth while implementing regulations for safety. This approach contrasts with the more restrictive stance of the current administration, sparking cautious optimism among some crypto enthusiasts

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What’s Fueling the Rally?

Beyond the election excitement, Arisa Toyosaki, co-founder of Cega, a crypto derivatives service, highlighted that the buzz around prediction markets is also contributing to Bitcoin’s price volatility and recent rally.

Significant inflows into U.S. Bitcoin exchange-traded funds (ETFs) have added to the momentum, with net inflows exceeding $700 million since October 11. As of Thursday, Bitcoin’s price stabilized around $67,260, 

Despite the positive sentiment in prediction markets, polling remains tight, with Harris leading Trump by a slim margin of 1.6 percentage points in national polls. However, Trump holds a slight advantage in crucial battleground states.