According to a report by Binance News, analysts from Bernstein believe that if former President Donald Trump wins the 2024 election, cryptocurrency assets could rebound. Bloomberg reported that two analysts from the Wall Street brokerage giant, Gaut Chhugani and Mahika Sapra, stated in a new report that the administration might support institutional adoption of digital assets through friendly regulations.
“The Republican Party sees cryptocurrencies not only as a bank but also as a meaningful source of funds. If the election sentiment becomes more Republicanized, cryptocurrencies will eventually become major ‘Trump trade,’ and hopes for favorable regulatory regimes will change the narrative surrounding blockchain use cases.”
In order to raise campaign funds and differentiate himself from President Biden, Donald Trump has already declared his position as a crypto-friendly candidate this year, despite previously describing digital assets “a disaster waiting to happen.”
However, not all analysts believe that Trump’s recent shift towards cryptocurrencies is legitimate. According to reports, in a recent report, multinational investment bank Cowen encouraged people to be skeptical of any statements made by American politicians regarding cryptocurrencies.
urge caution with regards to any candidate’s stance on cryptocurrencies. While words may matter, we ultimately it is wrong to assume that any candidate would fulfill their promises.”
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