Analysts at Bernstein are bullish on Bitcoin, setting a striking price target of $200,000 by the end of 2025, regardless of the upcoming U.S. election results. This confidence stems from factors like U.S. fiscal policies, burgeoning debt levels, and the launch of U.S. spot Bitcoin ETFs which are seen driving demand for Bitcoin as a hard asset. According to Bernstein, “The Bitcoin genie is out of the bottle, and it is hard to reverse this course.”

The presidential race shows varying support with Donald Trump viewed as the pro-crypto candidate, potentially boosting Bitcoin prices to new all-time highs by inauguration day. On the other hand, a win by Kamala Harris could momentarily push Bitcoin prices down, although recovery is anticipated. Current trading on prediction markets like Polymarket and Kalshi shows a highly competitive race, with odds adjusting rapidly in response to the latest polls.

Regardless of who wins, the crypto industry looks set to flourish. Bernstein suggests that a supportive regulatory environment under either administration could foster growth across all crypto sectors, not just Bitcoin. This includes potential advantages for other blockchain technologies and a continued focus on domestic Bitcoin mining, highlighting a robust future for cryptocurrency investments.