Bernstein analysts said in a note that Donald Trump outlined six cryptocurrency pledges on Saturday, including the establishment of a national strategic bitcoin reserve after his election, while Kamala Harris appeared to extend an olive branch to the industry, that cryptocurrencies "are no longer a bipartisan issue" and that bitcoin and related stocks would benefit from a "Trump trade."
"We think this olive branch is a bit late and the industry will be looking for more concrete action [to reverse previous mistakes] before embracing the Democratic campaign," said analysts at Bernstein.
The analyst added: "It seems clear to the crypto community and industry that crypto is no longer a bipartisan issue, with bitcoin prices rising as the likelihood of a Trump presidency increases and fluctuating in ranges as President Biden endorses Harris as a potential successor to the Democratic nominee. We believe that the crypto market will trade solely on the direction of political developments until the election results are announced in early November."
Bernstein: Cryptocurrencies are no longer a "bipartisan issue", Bitcoin and related stocks will benefit
2024-07-29 18:47:25
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