“Our bet is that this is a very bullish setup for Bitcoin going into the election”

“Bitcoin is […] up 100% over the past year,” Sigel said. “It seems this latest run from $57,000 to almost $70,000 is correlated with Trump's improving odds on betting sites.”

Nomura's Global Markets Research team, led by Robert Siegel, is making a bullish case for Bitcoin ahead of the U.S. presidential election in November.

While discussing the correlation between Trump's improving election odds and Bitcoin's price move, Sigel noted that the cryptocurrency has already risen 100% over the past year.

“It seems this latest run from $57,000 to almost $70,000 is correlated with Trump’s improving odds on betting sites.”

According to a recent report by VanEck, BTC could hit some $2.9 million per coin by 2050 due to massive demand for the decentralized currency as collateral for trade settlement and a reserve for central banks.

“We do have a long-term model that assumes Bitcoin could become a reserve asset by 2050, held by central banks and used in global trade.”

Earlier this month, Charles Harris, the chairman of the Commodity Futures Trading Commission (CFTC), said that the agency is working on a framework for regulating cryptocurrencies.

The agency is also planning to launch a digital asset surveillance system to monitor crypto markets for fraud and manipulation.