The research team of Bernstein, which has more than $750 billion in assets under management, touched on Trump’s crypto and Bitcoin steps in today’s customer analyses. Stating that Trump made very important promises at the Bitcoin Conference, analysts commented that the Kamala Harris team was late.
“Other states will also be affected”
In the customer note shared by Gautam Chhugani, Mahika Sapra and Sanskar Chindalia; Trump’s promises to make the US a leader in Bitcoin and the crypto world, to create a strategic reserve with Bitcoin, to provide both electricity incentives for miners and to turn them into a superpower, to fire Gary Gensler on the first day, and to oppose CBDC were mentioned and the following statements were used:
“A national bitcoin strategic reserve has implications on how nation states would adopt bitcoin as a ‘store of value’, and build bitcoin reserves similar to gold reserves,”
“Harris’s olive branch could be arriving a tad late.”
Analysts, who also emphasised the moves of the Kamala Harris administration, stated that the step of contacting some cryptocurrency companies at the last moment was a late move:
‘We believe this olive branch is a tad late and the industry would seek more concrete action (reversal of previous wrongs) before warming up to the Democrat campaign.’
“Crypto and Bitcoin are now protected only by Republicans…”
Stating that the crypto communities now think that this area is no longer a problem that two parties can solve, analysts made the following comments:
“The crypto community and industry seem clear that crypto is no longer a bipartisan issue. Bitcoin’s price movements and rise are moving in direct proportion to the increase in Trump’s presidential election rates. Depending on the political developments that will take place until the day the outcome of the elections in early November is finalised, prices may rise and fall sharply. Increasing the likelihood of Trump’s win can lead to rises in both Bitcoin and crypto-based stocks.”
Volume on crypto-betting sites hits record high
While the volume of Polymarket, the decentralised crypto-betting site, is increasing day by day, a total of 38,000 users produced a volume of $324 million in July. The same figures were 1200 monthly active users and a volume of $6 million in July last year. Nine of the site’s top 10 bets seem to be related to the US elections. All these can be read as an indication that the weather will get hotter as the elections approach.