Bitcoin to Bottom Out if Donald Trump Loses U.S. Election: Bernstein Research ⋆ ZyCrypto
The post Bitcoin to Bottom Out if Donald Trump Loses U.S. Election: Bernstein Research ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     According to major investment manager Bernstein Research, Bitcoin may bottom out if Donald Trump loses the Presidential election in November. The latter released a new analysis of the political climate and its impact on the crypto market. The insightful prediction comes as the digital currency remains volatile and hesitant to move significantly. In addition to the Bitcoin price index, Bernstein Research reported increasing activity of Bitcoin mining companies in the United States. They have been raising significant amounts of capital to boost BTC reserves, with Marathon Digital Holdings (MARA) raising $300 million and spending a large chunk of it on purchasing the digital currency. Riot platforms (RIOT) and Core Scientifica also made similar moves and raised more than $1 billion. Image Source: Bernstein Research However, many miners are pivoting to a “mullet strategy” in which they are dividing their computing resources between Bitcoin mining and AI processing. Democratic Nominee Failing to Catch Up to Trump The previous president has been openly courting the digital currency sector for the last couple of years. He has upped the ante in the buildup to the November election and is endorsed by top blockchain firms and proponents. He has promised self-custody for Bitcoin holders and less regulatory red tape for new crypto startups, and he wants the US to lead the global digital currency economy. He has also promised tax breaks for Bitcoin mining companies and pandered to them during recent blockchain conferences. Trump’s latest overture to the digital asset market is in sharp contrast to his opponents from the Democratic Party, who, despite being shown proof after proof that crypto users are now in the tens of millions, have been slow to react to this major demographic shift. New Democratic nominee Vice President Kamala Harris has tried to shift her…
Filed under: News - @ August 31, 2024 9:53 pm