Trump's Election Victory Could Be a Boost for Crypto Markets, Says Bernstein
Date: 2024-08-14 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
According to a report from brokerage Bernstein, the cryptocurrency market is bullish on a possible Donald Trump victory in the upcoming election. On the contrary, analysts expect a negative reaction from the market if Kamala Harris wins the election.
The broker noted that Bitcoin has started to weaken as the odds on Polymarket have changed and Harris has risen in polls. The world's leading cryptocurrency is expected to remain in a narrow range until the election situation becomes more certain.
Polymarket is a prediction platform where users can bet on the outcome of future events. Republican supporters have described the current state of the market as an "initial honeymoon," arguing that the odds on Polymarket could be subject to manipulation.
Bernstein also points out that Trump's team has been vocal about its intentions regarding cryptocurrency policy and has engaged with companies in the sector, bitcoin miners, and the broader crypto community.
"The Republican side under Trump has been making a strong pitch to attract crypto voters by promising favorable policies for bitcoin and cryptocurrency innovation, and hinting at the possible creation of a national bitcoin reserve," analysts led by Gautam Chhugani note.
Last month, at the Bitcoin Conference in Nashville, former President Trump pledged to maintain the strategic national bitcoin reserve and said he would not sell bitcoin confiscated by the government if re-elected.
