Bitcoin's Performance Is Tied To Donald Trump's Election Prospects, Asset Manager States

Ikigai Asset Management Chief Investment Officer Travis Kling sees Bitcoin’s BTC/USD market performance linked to the likelihood of Donald Trump winning the 2024 election.

What Happened: In a post on social media platform X on Wednesday, Kling expressed his belief that Bitcoin “will be MUCH better off under a Trump admin.” He further speculated that Robert F. Kennedy Jr. potentially endorsing Trump and the September 10 debate could influence Bitcoin’s price.

Polymarket data shows an 87% chance of RFK Jr. endorsing Donald Trump in August, with his chances of getting a cabinet position under a Trump administration rated below 30%.

Kling also thinks the Democratic National Convention is “not going particularly well,” suggesting that a combination of these factors could increase Trump’s election odds.

Also Read: Trump’s Son Continues To Whip Up Excitement On Upcoming Crypto Project: ‘Getting Very Excited’

Why It Matters: Kling’s comments highlight the potential impact of political events on cryptocurrency markets. He suggests that a Trump administration would be more beneficial for Bitcoin and other cryptocurrencies.

However, he also noted that he’s unsure if Bitcoin can break out of its current trading range before the election unless polls and Polymarket predictions significantly favor Trump.

Regardless of short-term price action, Kling sees the election as “highly consequential” for crypto assets. Following news that Harris would allegedly “back measures to help digital assets grow,” Bitcoin spiked back above $60,000, currently trading at $60,670, up 1.9% on the day.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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