Bernstein analysts reportedly think crypto assets could rally if former president Donald Trump wins the 2024 election.
Gautam Chhugani and Mahika Sapra, two analysts at the Wall Street brokerage giant say in a new report that a Trump Administration could potentially bolster institutional adoption of digital assets with friendly regulations, according to Bloomberg.
“The Republican side sees crypto not just as a vote bank but also a meaningful source of funding. If the election sentiment shifts more Republican, crypto would end up as the primary ‘Trump trade’ and hopes of a favorable regulatory regime would change the ‘use-case’ narrative around blockchains.”
In a bid to raise campaign funds and differentiate himself from President Joe Biden, Donald Trump has staked out a position as a crypto-friendly candidate this year, though he previously described digit assets as “a disaster waiting to happen.”
But not all analysts are convinced Trump’s recent crypto about-face is legit: In a recent report, the multinational investment bank TD Cowen reportedly encourages people to take anything US politicians say about crypto with a grain of salt.
“We would urge caution on reacting to either candidate on crypto. Words may matter, but ultimately we believe it would be a mistake to assume either candidate will deliver.”
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