Analysts Claim Bitcoin Will Benefit from 'Trump Trade' Ahead of November US Election
The United States is expected to benefit from the "Trump trade" over the next 105 days leading up to the November election, analysts said.
According to ZeroCap's cryptocurrency market report released Monday, the digital asset, along with certain stocks, is likely to be boosted by expectations of a Donald Trump victory. "'The Trump deal' has become a major catalyst for a sustained move higher from now on, with investors placing long-term bets on energy, banks and bitcoin," ZeroCap analysts said.
According to the ZeroCap report, the possibility of Donald Trump returning to the White House has been strengthened by current US President Joe Biden's announcement that he will withdraw from the election and his subsequent endorsement of Vice President Kamala Harris as his successor in the race, adding that Harris is less popular in opinion polls than the incumbent Biden.
In light of this, analysts said that the latest developments at the top of the Democratic Party increase the possibility of a pro-cryptocurrency government in November.
"Trump has said he will release Silk Road founder Ross Ulbricht, who is serving two life sentences, and has stated that he wants to enable innovation in the crypto space through more flexible regulation," the report notes.
