Trump's Potential Win Could Fuel Crypto Market Surge, Says Bernstein

IconCryptoNewsTerminal Staff22 Jul, 2024

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Trump's Potential Win Could Fuel Crypto Market Surge, Says Bernstein

According to a recent memo shared with clients, Wall Street investment bank Bernstein predicts that the crypto market could experience a significant price increase if former U.S. President Donald Trump wins the 2024 presidential election. The memo highlights that the market has not yet factored in the positive regulatory changes that could result from a Trump presidency. Bernstein also notes that Robinhood, a popular trading app with a significant number of young users, is well-positioned to benefit from this potential market surge. The firm expects that crypto revenue will make up 40% of Robinhood's total revenue next year. Furthermore, the memo mentions MicroStrategy, a company that has been actively investing in Bitcoin. MicroStrategy's current Bitcoin holdings represent 1.1% of the total supply. Based on this analysis, Bernstein has revised its Bitcoin price target to $2,890, projecting that MicroStrategy will hold a $41 billion Bitcoin position by the end of the year. This prediction from Bernstein adds to the growing sentiment among analysts that the crypto market is poised for further growth.

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