Crypto Markets Not Priced for Trump Re-Election, Says Bernstein

IconCryptoNewsTerminal Staff25 Jul, 2024

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Crypto Markets Not Priced for Trump Re-Election, Says Bernstein

Cryptocurrency markets have not priced in the possibility of a Donald Trump re-election in November, according to a new report from Wall Street investment bank Bernstein. The report, authored by analyst Gautam Chhugani, argues that the market is not pricing in the positive regulatory changes that would likely occur if Trump wins re-election. "We believe that a Trump victory would lead to significant institutional investment into cryptocurrencies and related stocks," Chhugani wrote. Chhugani specifically named Riot Platform, Flywire, MicroStrategy, and Robinhood as companies that would benefit from a Trump re-election. He predicted that Robinhood could double its revenue over the next two years, with over 70% of that growth coming from cryptocurrency trading revenue. The report comes as the cryptocurrency market has been on a tear in recent months, with Bitcoin and other major cryptocurrencies reaching new all-time highs. However, Chhugani warned that the market could be in for a correction if Trump loses the election. "A Biden victory would likely lead to a more cautious regulatory approach towards cryptocurrencies," Chhugani wrote. "This could put downward pressure on cryptocurrency prices."

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