Potential Trump Victory Could Stir Bitcoin Market, Bernstein Analysts Predict — Implications For These Seven Crypto Stocks Outlined

In the run-up to the upcoming 2024 elections, analysts from research and brokerage firm Bernstein have suggested that Bitcoin BTC/USD traders may not have fully considered the possible victory of former President Donald Trump, an event that could significantly shake up the cryptocurrency market.

What Happened: The Bernstein team, led by Gautam Chhugani, posits that the market has not accounted for a potential positive shift in cryptocurrency regulations if Trump is reelected in November, a Decrypt report stated Monday. They anticipate significant growth stemming from institutional investors allocating to cryptocurrency and associated stocks.

Bernstein analysts are keeping a close eye on seven key cryptocurrency stocks as Trump gears up to speak at the Bitcoin Nashville conference on July 27. The research firm has a positive outlook on the cryptocurrency sector, forecasting considerable upside potential for select companies in light of a potentially improved regulatory environment.

See Also: Mark Cuban Says Trump’s Re-Election Won’t Impact Bitcoin’s Price, ‘Dogecoin Killer’ Shiba Inu’s Burn Rate

The report flagged seven stocks across three categories: Bitcoin mining consolidators including Riot Platforms Inc. RIOT, CleanSpark Inc. CLSK, and Marathon Digital Holdings Inc. MARA, hybrid Bitcoin/AI data centers including Core Scientific Inc. CORZ and Iris Energy Ltd. IREN, and cryptocurrency broking/exchange platform Robinhood Markets Inc. HOOD, as well as the Bitcoin corporate treasury, MicroStrategy Inc. MSTR.

Why It Matters: Trump’s upcoming speech at the Bitcoin 2024 Conference in Nashville and his recent enthusiasm for cryptocurrency have been making headlines. Trump’s event, scheduled for July 27, aims to raise funds for his presidential campaign while highlighting his newfound support for crypto. The invitation for his exclusive event boasts a staggering $844,600 ticket price, equivalent to the price of 13 Bitcoins.

Analyst have warned traders about the risks of shorting Bitcoin before Trump’s forthcoming speech at the conference. There are widespread rumors that Trump might announce Bitcoin as a strategic reserve asset for the U.S. during his speech on July 27.

Price Action: At the time of writing, Bitcoin was exchanging hands at $67,565.13, dropping marginally by 0.57% in the last 24 hours, according to data from Benzinga Pro. 

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.