According to reports, Bernstein analysts believe that if former President Donald Trump wins the 2024 election, cryptocurrency assets may rebound.
According to Bloomberg, two analysts from this Wall Street brokerage giant, Gautam Chhugani and Mahika Sapra, stated in a new report that the Trump administration may support institutional adoption of digital assets through friendly regulations.
“The Republican Party believes that cryptocurrency is not only a voting bank but also a meaningful source of funding. If the election sentiment becomes more Republican, cryptocurrencies will eventually become the main ‘Trump trade,’ and hopes for favorable regulatory systems will change the narrative surrounding blockchain ‘use cases’.”
In order to raise campaign funds and differentiate himself from President Joe Biden, Donald Trump has already expressed his stance as a cryptocurrency-friendly candidate this year, despite previously describing digital assets as a “disaster waiting to happen.”
However, not all analysts believe that Trump’s recent shift towards cryptocurrency is genuine. According to reports, in a recent report, multinational investment bank TD Cowen encouraged people to be skeptical of any statements made by American politicians regarding cryptocurrencies.
“We urge caution towards any candidate’s stance on cryptocurrencies. Words may be important, but ultimately, we believe it is a mistake to assume that any candidate will fulfill their promises.”
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