Tom Lee predicts Bitcoin surge if Trump wins election

Tom Lee, Head of Research at Fundstrat, has suggested that Bitcoin (CRYPTO:BTC) could experience a significant surge if Donald Trump wins the upcoming election.

In a recent CNBC interview, Lee highlighted that the market currently perceives Trump’s chances of winning as higher than what polls suggest, which could positively impact various asset classes, including Bitcoin.

Lee explained that if market sentiment grows more confident in a Trump victory, sectors such as cyclicals, small caps, and cryptocurrencies like Bitcoin are likely to perform better.

This optimism stems from Trump's policy proposals, which are perceived as favorable for markets.

Notably, Trump has pledged to lower the corporate tax rate to 15%, in contrast to Democratic nominee Kamala Harris’s proposed increase to 28%.

Additionally, Trump’s stance on Bitcoin includes promises to protect it and establish a national strategic Bitcoin stockpile, further boosting market confidence.

Recent developments have shifted betting odds in Trump’s favor, with crypto bettors on Polymarket giving him a 52% chance of winning, despite FiveThirtyEight’s national polls showing Harris with a 3.4% lead.

This shift was further influenced by rumors that independent candidate Robert F. Kennedy Jr. might drop out and endorse Trump, leading to a 4% increase in Bitcoin’s price.

Lee also noted the market’s resilience following recent downturns, including Bitcoin’s brief drop to $50,000 during macroeconomic concerns.

He believes that the Federal Reserve’s current stance on interest rates might be too conservative and that more aggressive cuts could benefit the market.

In a related development, Anthony Scaramucci of Skybridge Capital echoed Lee’s bullish outlook, predicting that Bitcoin could eventually reach $100,000.

Scaramucci pointed to advancements in Layer 1 crypto technologies and increased institutional acceptance, such as Morgan Stanley’s investment in Bitcoin ETFs, as key factors driving the positive sentiment in the crypto space.

At the time of reporting, the Bitcoin price was $60,533.67.