Bitcoin May Bottom Out If Donald Trump Loses the Presidential Election in November, Bernstein Research Says
- 王林Original
- 2024-09-01 09:34:13460browse
According to major investment manager Bernstein Research, Bitcoin may bottom out if Donald Trump loses the Presidential election in November.
Investment management giant Bernstein Research has stated that Bitcoin may bottom out if Donald Trump loses the Presidential election in November.
The firm released a new analysis of the political climate and its impact on the crypto market. The prediction comes as the digital currency remains volatile and hesitant to move significantly.
According to Bernstein, a Trump loss would be bad news for Bitcoin, at least in the short term. The former president has been courting the crypto sector for the last couple of years, and his Republican Party is generally seen as being more favorable to the digital asset market.
A Trump loss would likely see the crypto market take a hit, at least initially. However, the impact of the election on Bitcoin in the long term is expected to be minimal.
The research firm also highlighted the increasing activity of Bitcoin mining companies in the United States. They have been raising significant amounts of capital to boost BTC reserves, with Marathon Digital (MARA) raising $300 million, a large chunk of which went into purchasing the digital currency.
Riot platforms (RIOT) and Core Scientifica also made similar moves and raised more than $1 billion. However, many miners are pivoting to a “mullet strategy” in which they are dividing their computing resources between Bitcoin mining and AI processing.
The report also noted that Democratic presidential nominee Vice President Kamala Harris is trying to shift her position on crypto but is slow to change the tough regulator image she has built up over the years.
She is also unclear in her policy proposals regarding Bitcoin, which commentators believe could be a major factor in courting the huge crypto demographic in the country.
The report concludes by stating that the Bitcoin price would bottom, only if the crypto market catches a bid on a likely Trump win, given [the] crypto market continuing to interpret only a Republican win as positive for crypto policy.
However, due to systemic problems within the American financial system, the digital currency is expected to have a significant impact in 2025 regardless of who takes office.
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