As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends that have come and gone. However, the current surge in Bitcoin (BTC) following Donald Trump’s election victory is particularly intriguing. Despite my initial skepticism, I find myself aligning with the bullish stance taken by firms like Bernstein and other industry experts.
Bitcoin (BTC) has experienced a surge to new record highs after the election win of the U.S. Republican president, Donald Trump.
Add Crypto Exposure At The Earliest, Bernstein Tells Clients
Regardless of Bitcoin’s rise following the election, experts at the trading company Bernstein continue to hold a positive outlook, believing there is still significant potential for expansion in the wider cryptocurrency market.
According to a recent client advisory by Bernstein’s analyst team, published on November 11th, they recommend that their clients consider investing in digital assets immediately.
At Bernstein, the digital assets squad headed by Gautam Chhugani expressed optimism about the cryptocurrency sector, essentially saying, “Embrace it! We’re in a bull market for cryptos – invest in as much as you can.
Bernstein’s optimistic advice coincided with a significant 20% increase in the total value of the cryptocurrency market since Trump’s election, rising from approximately $2.41 trillion to $2.92 trillion as of the present moment.
In reference to Donald Trump’s positive views on cryptocurrency, Chhugani advised crypto-doubting investors not to be deterred by regulatory issues. Instead, he urged them to change their perspective and consider digital assets more favorably in the context of Trump’s election victory.
It’s been stated that Trump intends to replace the current Chair of the U.S. Securities and Exchange Commission, Gary Gensler, shortly after taking office as President.
To those unfamiliar with the subject, Gensler has faced criticism within the cryptocurrency sector for his regulatory stance, which is perceived by some as being unfriendly towards the crypto industry.
Switching to an SEC chair who is supportive of cryptocurrencies might pave the way for more advantageous rules for U.S. crypto businesses, offering a potentially smoother pathway within the regulatory landscape.
It’s being speculated that Trump could select experienced Wall Street attorney Richard Farley for the position of SEC chairman, but this is not yet officially verified.
It’s important to mention that, aside from Donald Trump, other notable figures in the Republican Party such as JD Vance (the new Vice President), RFK Jr., and Vivek Ramaswamy, have openly declared their ownership of Bitcoin and expressed their intention to back the burgeoning industry during Trump’s administration.
No Reason To Not Hold Bitcoin Following Trump’s Win
Beyond Bernstein’s approval, Greg Cipolaro, who leads research at New York Digital Investment Group, stated earlier today that the risk of not owning Bitcoin has diminished significantly since Trump’s election win. In simpler terms, he suggested that it is no longer advisable to avoid investing in Bitcoin following Trump’s victory.
With Republicans taking over both the White House and Congress, it’s anticipated that the heads of key government bodies like the SEC, OCC, FDIC, and Treasury could lean more favorably towards cryptocurrencies. The incoming administration might choose to appoint individuals who see digital assets as a means for economic expansion and innovation rather than primarily as regulatory hurdles.
Recent trading patterns in crypto exchange-traded-funds (ETF) suggest that institutional investors might already be positioning themselves for a possible parabolic rally in digital assets, especially Bitcoin.
BlackRock’s Bitcoin spot ETF (IBIT) has surpassed the value of its gold-based ETF, with a net asset value of $33.2 billion now compared to the latter’s $32.9 billion in holdings.
By October, Bernstein suggested a “modest” goal of $200,000 for Bitcoin by the end of the next year. On the other hand, VanEck’s CEO proposed an optimistic outlook, estimating that Bitcoin could potentially reach $300,000 by April 2025.
The cost of Bitcoin might potentially increase due to increased acceptance, as tech giant Microsoft has recently disclosed their intention to explore Bitcoin investment opportunities.
At the moment of this report, Bitcoin is being traded at approximately $81,912, representing a 2.8% increase over the past 24 hours. Additionally, Bitcoin’s dominance stands at 59.36%.
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2024-11-12 10:12